Tuesday, January 17, 2012
LANSING – Michigan-based Cherry Republic today received approval from the Michigan Economic Growth Authority (MEGA) for a multi-use brownfield redevelopment project that will support the construction of a retail outlet and food production facility and new residential spaces in Traverse City.
“This new Cherry Republic facility consolidates their production, retail and administrative operations and brings the company’s high quality jobs into the center of downtown Traverse City,” said Michael A. Finney, President and CEO of the Michigan Economic Development Corporation. “As we transition from our previous tax credit programs into the Michigan Business Development and Michigan Community Revitalization programs, we will continue to seek to help Michigan companies with amendments to prior agreements as real world business changes arise.”
The Grand Traverse Brownfield Redevelopment Authority will use local and school tax capture valued at $2,264,085 to demolish two buildings and construct a five story mixed-use development in the City of Traverse City. The Cherry Republic Center Project will include administrative offices, a primary retail outlet and food production facility for Cherry Republic products. The plan may also include up to 13 residential units with underground parking. The project is expected to create up to 30 permanent full-time jobs, with a total capital investment of approximately $13 million.
In addition, the MEGA board approved amendments to an October 2010 High Tech MEGA for Dynamic Captioning in Grand Rapids and a June 2009 High Tech MEGA for PCB Load and Torque in Farmington Hills. MEGA also approved an amendment to a November 2011 large brownfield MBT credit for Grand Rapids Urban Market Holdings.
Beginning this month, the $100 million Michigan Business Development and Michigan Community Revitalization Programs will replace the state’s previous MEGA, Brownfield and Historic tax credit programs that were features of the Michigan Business Tax that was eliminated under business tax restructuring legislation approved and signed into law by Governor Rick Snyder in May.
The Michigan Economic Development Corporation, a public-private partnership serving as the state's marketing arm and lead agency for business, talent and jobs, focuses on helping grow Michigan's economy. For more on the MEDC and its initiatives, visit: MichiganAdvantage.org
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