The Michigan Economic Development Corporation (MEDC) today announced that it has approved $11.9 million in tax increment financing that will enable the City of Jackson to build two major parking decks and make other infrastructure improvements in support of Consumers Energy’s new corporate headquarters.
The structures will be located on a designated brownfield site that was identified in 1997 as a blighted area, and will provide 1,040 new parking spaces for downtown Jackson.
“By making use of Michigan’s brownfield redevelopment laws, the city of Jackson is transforming a previously unused area into something productive and aesthetically pleasing for the community,” said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation. “This transformation is destined to lead to further economic development and commercial investments in the city.”
Today’s action is another in a series taken by the MEDC to assist the city of Jackson and Consumers Energy make the new corporate headquarters a reality. In January 2001, the MEDC provided a $1 million Urban Land Assembly Loan to the city so it could acquire the property needed for the project. In March 2001, the MEDC approved an $8.6 million Brownfield Single Business Tax credit to Consumers Energy to help the company with the costs of demolition, environmental cleanup and other remedial actions at the 10-acre site.
"This is a major step in Jackson's downtown revitalization and our common ‘Grand New Vision’ for this community," said Carl L. English, Consumers Energy's president and CEO - gas."While the decks will provide needed parking for Consumers Energy employees, they have the added benefit of helping Jackson sponsormajor entertainment and cultural events."
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. Today’s approval from the MEDC will allow the city of Jackson to capture up to $11.9 million in state taxes to help fund the headquarters project.
"These structures will provide parking for the police, the public and Consumers Energy employees," said Warren Renando, city manager of the City of Jackson."The construction of two parking decks represents the commitment of Consumers Energy and the Michigan Economic Development Corporation to the redevelopment of the City of Jackson and the well being of its citizens."
The new $70 million headquarters will be completed in 2003 and will house 1,500 Consumers Energy employees currently located in buildings scattered across the city of Jackson and Blackman Township.
Consumers Energy, the principal subsidiary of CMS Energy Corporation, is Michigan’s largest utility providing natural gas and electricity to more than six million of the state’s 9.9 million residents in all 68 Lower Peninsula counties.
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.
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