Tuesday, January 20, 2004
State Brownfield Program Key to Redevelopment Plans
Governor Jennifer M. Granholm today announced that the Michigan Economic Development Corporation (MEDC) has offered assistance to help redevelop the former Life Savers manufacturing facility in the city of Holland. The project is expected to generate $3.5 million in private investment and the potential for hundreds of new jobs.
Fusion Properties plans to redevelop the property located at 635 East 48 Street by reconfiguring the 400,000-square-foot facility to accommodate up to six self-contained spaces intended for lease to industrial or manufacturing-related operations.
The project has approval to capture more than $1.1 million in state and local taxes to fund demolition and asbestos abatement.
Life Savers was an important symbol to Holland regional community, said Don Jakeway, president and CEO of the MEDC. Revitalizing this site will turn the tables, creating opportunity and fertile ground for future investment.
The city of Holland, through the city's brownfield development authority, will capture more than $500,000 in local property taxes for the project.
"When Michigan communities are faced with the reality of vacant industrial buildings, we can either sit back and watch them rust in place and wish for the image to improve, or those in the public and private sectors can work together to bring back the vibrancy of the past, said Mayor Al McGeehan. The city of Holland is grateful to the state of Michigan for the brownfield statute and its amendments which are a very reliable tool used locally to assist us in the formulation of a financial package that is attractive to new investors.
Manufacturers need every edge, added Doug Gulker, president of Fusion Properties. This renovated plant will provide a cost effective facility from which manufactures can compete in the world markets.
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.