Tuesday, September 19, 2006
Michael Shore, MEDC
Manistee, Grand Rapids, Big Rapids Projects Spur $18 Million Investment
Governor Jennifer M. Granholm today announced brownfield redevelopments in Manistee, Grand Rapids and Big Rapids that are expected to create as many as 30 jobs and generate more than $18 million in private investment. The projects are receiving assistance provided by the Michigan Economic Development Corporation.
The redevelopment projects announced today:
- Manistee:State and local tax capture of $1,451,150 will help Manistee Lakes LLC redevelop three contaminated waterfront sites. The Bay Condominium project includes demolition of a vacant factory and motel, site preparation and construction of six two-story residential buildings with a total of 40 condo units in addition to shore wall areas, 36 boat docks, swimming pool and other recreational amenities. The developers will invest $14,810,611 in the project, which is expected to create three jobs.
- Grand Rapids:
- Big Rapids:State and local tax capture valued at $85,765 will be used by Lake-Osceola State Bank to restore a building formerly housing a bookstore to its original use as a bank. The 6,300-square-foot structure will be primarily devoted to bank operations, with 1,000 square feet devoted to retail. Developers will invest $984,886 in the project, which is expected to create seven jobs.
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