Monday, March 12, 2007
Residential, Commercial Developments to Create 205 New Jobs
Governor Jennifer M. Granholm today announced plans to support three redevelopment projects in downtown Muskegon. The residential and commercial projects are expected to create 205 jobs and $17 million in capital investment. The brownfield redevelopments will benefit from assistance provided by the Michigan Economic Development Corporation and the Michigan State Housing Development Authority.
The Muskegon redevelopment projects announced today:
- Century Club Development, Western Avenue Properties and Russell Block Developmenthave partnered to redevelop three historic buildings in downtown Muskegon. The group plans to utilize a $432,500 state brownfield tax credit and invest a total of $5.8 million to restore the Century Club Building, the former Muskegon Savings Bank and the Russell Block buildings to accommodate retail, commercial and residential space. The project is expected to create 80 new jobs.
- Edison Landing Lot I LLCwill use a $524,311 state brownfield tax credit to redevelop a former industrial site within the Edison Landing SmartZone into a new 27,000-square-foot retail and commercial building. The $5.5 million project is expected to create 125 new jobs.
Michigan brownfield programs provide incentives to invest in property that has been used for industrial, commercial or residential purposes and to keep that property in productive use or return it to a productive use. Brownfield incentives can be used to redevelop functionally obsolete, blighted or contaminated property.
st century. Since January 2005 the governor and MEDC have announced the creation or retention of more than 167,000 jobs as a result of targeted assistance provided by the MEDC.
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 atwww.michigan.gov/mshda.
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