Tuesday, December 20, 2005
Michael Shore, MEDC
MEDC Assistance Encourages $109 Million in Private Investments
Governor Jennifer M. Granholm today announced two brownfield redevelopment projects that will create 50 new jobs in Redford Township and Southfield as a result of state brownfield tax incentives approved by the Michigan Economic Development Corporation. Private investments of more than $109 million will convert vacant, blighted properties into new commercial and residential space in the two communities.
"Reclaiming brownfields to create job and investment opportunities in our community cores is essential to building a strong economy for the 21st century," Granholm said. "These developments are among many efforts across the state transforming eyesores into economic assets."
The projects are:
- Redford Township will use local and state tax capture valued at more than $1.5 million to redevelop a former prep school into a large residential community with 345 units, including 180 single-family homes and 155 attached condominiums. The developer will invest approximately $47 million to redevelop the 46-acre property, to be known as Shamrock Village.
- The city of Southfield will use more than $4.1 million in local and state tax capture to help redevelop the former Southfield Downs Mobile Home Park. The developer will demolish all of the existing buildings and upgrade utilities to allow for the construction of 10,500 square feet of commercial space, 170 attached condominium units and 57 single-family homes. The $62 million project is expected to create 50 new jobs.
"Through Michigan's powerful brownfield redevelopment program we can support projects in which the costs of reclaiming sites would not otherwise make economic sense," MEDC President and CEO James Epolito said. "These redevelopments lead to dramatic improvements to the project site, and often to surrounding properties as well."
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC have announced the creation or retention of more than 65,000 jobs as a result of targeted assistance provided by the MEDC.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC's initiatives and programs, visit the Web site at www.michigan.org.
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