Thursday, October 27, 2005
Michael Shore, MEDC
Projects will Create New Housing, Business and Job Opportunities in City
Governor Jennifer M. Granholm today announced that two vacant buildings in Detroit will be transformed into new residential, retail and commercial centers. The projects, slated for the city's downtown and Mexicantown area, will involve more than $6.9 million in private investment sparked by state brownfield Single Business Tax credits approved by the Michigan Economic Development Corporation.
The projects are:
Lithuanian Hall LLC will use a tax credit valued at $190,500 to revitalize the 12,500-square-foot Lithuanian Hall located on Vernor Highway in Mexicantown, a 2004 Cool Cities Neighborhood designee. The completed project will contain a mix of commercial, residential and office space and house two nonprofit organizations, Casa de Unidad and Southwest Nonprofit Housing Corporation. Building improvements will include electrical, heating and plumbing upgrades, as well as an energy-efficient roof and air conditioning system. The developer will invest $1.9 million in the project, which will create eight new jobs. The city is expected to support the project with an Obsolete Property Rehabilitation certificate.
"These projects are the latest examples of how Michigan's brownfield incentives can help breathe new life into communities," MEDC President and CEO James Epolito said. "I am glad to see cities like Detroit utilizing them to create new opportunities for businesses and residents."
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 62,000 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.