Tuesday, December 18, 2001
The Michigan Economic Development Corporation (MEDC) will assist the City of Ferndale Brownfield Redevelopment Authority with the redevelopment of land located on the corner of Marshall and Woodward Avenue.
The redevelopment project consists of the remediation and construction of a new 44,000 square foot multi-level high-end self-storage facility on Marshall Avenue.The total private investment is more than $5 million, including land acquisition.
“Redevelopment of this contaminated site is vital to the overall image and physical well being of the community,” said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation.“The project will help increase the value of the property while improving the appeal of the corner of Marshall and Woodward Avenue.”
The property currently has a vacant building that spans two parcels located on West Marshall Avenue.A brownfield tax increment financing was awarded today to the City of Ferndale to aid in the demolition of the current building.The tax increment financing is valued at up to $110,000.
“The Brownfield Redevelopment Act has been a great tool to keep our revitalization effort going.An aging eyesore will be transformed into an asset for our residents and the finance plan will allow us to prepare, in advance, for the next brownfield project,” said Tom Barwin, city manager, City of Ferndale.“I am hopeful the state will continue to develop public policies that encourage urban reinvestment and also serve to protect our environment.As the Great Lakes State, with 20 percent of the world’s fresh water, we should be global leaders in the cutting edge field of smart growth.”
Recent amendments to the Brownfield Redevelopment Financing Act allow a brownfield authority to capture property taxes for an expanded set of activities, including infrastructure improvements, demolition of structures and site preparation.
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.