Tuesday, November 14, 2006
Michael Shore, MEDC
Detroit, Grand Rapids, Saginaw County Sites to be Transformed, Supporting 174 Jobs
Governor Jennifer M. Granholm today announced four brownfield redevelopment projects in Buena Vista Township near Saginaw, Detroit and Grand Rapids that are expected to create and retain as many as 174 jobs and involve nearly $186 million in private investment. The redevelopments will benefit from assistance provided by the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA).
The redevelopment projects announced today:
- @water Lofts LLC -Detroit
- Spingarn DevelopmentLLC - A $5.1 million brownfield SBT credit and state and local tax capture valued at more than $5.5 million will be used to redevelop a 2.24-acre site on the Detroit
- Erwin Properties LLCwill use $175,000 in state and local tax capture to support the demolition of a vacant bowling alley to support the construction of a new 3,000-square-foot retail/commercial development on Dixie Highway in Buena Vista Township
- Seventh Street Properties LLCwill use state and local tax capture valued at more than $1.5 million to help transform a former furniture manufacturing facility in the city of Grand Rapids
The redevelopments are among five economic development projects the Governor announced today. In all, they are expected to create and retain a total of 271 Michigan jobs.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues.MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
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