Monday, July 19, 2004
Paul Krepps, MEDC
Tax Credits Facilitate Housing and Job Opportunities
Governor Jennifer M. Granholm announced today that Single Business Tax (SBT) credits offered through the Michigan Economic Development Corporation (MEDC) will help redevelop brownfield sites in Cadillac, Detroit and Holland, spurring more than $21 million in private investment and creating more than 133 new jobs for Michigan workers.
In her 2004 State of the state address, Governor Granholm announced a focused, seven-point plan for economic growth. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 23,497 jobs as a result of targeted assistance provided by the MEDC, including support for turning polluted sites into new opportunities for economic development.
"Michigan's brownfield redevelopment program has helped countless Michigan communities turn abandoned, blighted and often tax-reverted properties into assets," said MEDC President and CEO Don Jakeway. "These credits will create housing and job opportunities and help attract new investment for many years to come."
Brownfield SBT credits valued at a total of nearly $2 million were awarded to the following projects:
Cadillac: Lakeside Development Company will use a $620,850 credit to help redevelop property located at 301 North Lake Street into 20 condominium units. The nearly one-acre parcel was the site of the former Kraft Creamery. It has remained vacant since 1988, when the original buildings were demolished. The project is expected to spur more than $6.2 million in private investment. The city of Cadillac has approved an additional $228,000 in grants to provide infrastructure improvements and prepare the property for redevelopment.
Detroit: Plaza del Norte, LLC will use a $391,127 credit to transform blighted, tax-reverted property located on Bagley Avenue near 20th Street in southwest Detroit. Less than 500 feet from the Ambassador Bridge, the redevelopment will house the State of Michigan International Welcome Center and a small business incubator. The project is expected to create more than $3.9 million in private investment and 63 new jobs.
Holland: East 48th Street Properties will convert the former LifeSavers manufacturing plant at 635 East 48th Street by reconfiguring the 393,000-square-foot facility to accommodate up to six self-contained spaces for lease to industrial or manufacturing-related operations. A tax credit valued at $1 million will facilitate redevelopment of the property, which is expected to create more than $10.8 million in private investment and hundreds of new jobs as the spaces are leased. The project also received approval last January through the MEDC to capture approximately $898,000 in state and local taxes for demolition and asbestos abatement.
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.