Tuesday, October 18, 2005
Michael Shore, MEDC
Redevelopment will Attract New Investments, Jobs
Governor Jennifer M. Granholm today announced the approval of state and local brownfield tax incentives to make possible a major redevelopment project along the Paw Paw River in Berrien County. It is estimated that the completed project will involve an estimated $140 million in private investment in addition. The brownfield tax incentives are being offered by the Michigan Economic Development Corporation.
"The Paw Paw riverfront represents a tremendous economic resource and opportunity for communities in Berrien County," Granholm said. "This project will strengthen the area by encouraging new business investments, creating jobs, and developing recreational prospects for the communities to enjoy."
Last December, Granholm announced state and local brownfield tax capture valued at $1.8 million to Benton Harbor to increase the height of the Benton Harbor Bridge to allow access to the property.
"The support and leadership demonstrated by Governor Granholm and MEDC during our development phase of Harbor Shores has been critical to bringing this project to such an important milestone," said Mark Mitchell, president and CEO of the Alliance for World-Class Communities. "This opportunity represents a true transformation well beyond just real estate development."
The project is the result of collaborative strategies developed by Whirlpool Corporation, Berrien County, Benton Harbor, St. Joseph, Benton Township, Alliance for World-Class Communities and the local economic development agency, Cornerstone Alliance, to attract new investment, boost tourism and create jobs.
The expansion is one of four economic development projects the Governor announced today. In all, they are expected to create a total of 967 Michigan jobs.
"I applaud city, county and business leaders for working together to create a stronger, more vibrant community," MEDC President and CEO James Epolito said. "The MEDC considers this a great collaboration that is producing results."
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.