Tuesday, June 19, 2007
Michael Shore, MEDC
$28.8 Million Investments to Create, Retain 2,037 Jobs
Governor Jennifer M. Granholm today announced plans to support retail and commercial redevelopment projects in Grand Rapids and Warren that will attract more than $28.8 million in capital investment with the potential to retain 21 jobs and create as many as 2,016 new jobs. The brownfield redevelopments will benefit from assistance provide by the Michigan Economic Development Corporation.
The redevelopment projects announced today:
- Universal Properties LLCwill utilize state and local tax capture valued at $1,483,750 to defray the cost of demolition, lead and asbestos abatement and site preparation at the Universal Mall, making way for the construction of 600,000 square feet of new retail and commercial space featuring multiple stores with individual entrances. The project includes the rehabilitation of a 100,000-square-foot anchor building and a 48,000-square foot multiplex theater. The 752,000-square-foot mall on the 56-acre-site at one of Warren
- State and local tax capture of $406,825 will be used by developers Founders RE LLCBlue Tiger LLC for renovation and addition of 10,000 square feet to a vacant and blighted 8,500-square foot industrial building in downtown Grand Rapids to be occupied by Founders Brewing Company as a production facility and tasting room. This project replaces the planned construction of a four-story apartment building with parking and office space by developer Moch International and approved for state and local tax capture of $737,690. The Founders Brewing project is expected to preserve 21 jobs and create 16 new jobs on capital investment of $4 million.
The brownfield redevelopments are among seven economic development projects Granholm announced today. In all, they are expected to create and retain a total of 2,868 Michigan jobs. 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 for functionally obsolete, blighted, or contaminated property.
st century. Since January 2005, the governor and the MEDC have announced the creation or retention of more than 190,000 jobs as a result of targeted assistance provided by the MEDC.
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