Wednesday, April 21, 2004
Governor Jennifer M. Granholm announced today that Single Business Tax credits offered through the Michigan Economic Development Corporation will help redevelop two brownfield sites in Wayne and Macomb Counties and one in Mason County, spurring more than $23.1 million in private investment.
"Restoring property so it can once again be used to foster community and economic development is a major element in our ongoing effort to create and maintain vibrant cities in Michigan," Granholm said. "These sites are all great examples of how we are collaborating statewide with communities of all sizes to help address the high cost of brownfield recovery."
In her 2004 State of the state address, Governor Granholm announced a focused, seven-point plan for economic growth. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 5,409 jobs as a result of targeted assistance provided by the MEDC.
Brownfield SBT credits will be used for restoration of the following sites in Scottville, Taylor and Warren:
Diversified Natural Products, Inc. plans to invest more than $9.1 million to redevelop a vacant, contaminated site in the city of Scottville to accommodate a morel mushroom production facility. The 51.6-acre site located at 506 State Street will benefit from a brownfield credit valued at $750,000 for site preparation. Mason County will further support the project by capturing approximately $350,000 in local taxes for environmental clean-up and demolition. The project is expected to create 51 new jobs.
Taylor Pardee Associates, LLC will use a $915,256 credit to help redevelop blighted property in Taylor. Located at the corner of Pardee and Goddard, the site will be redeveloped into 75 townhouse units targeted at first-time home buyers. The city is provided a $575,000 bond for infrastructure necessary for the project and approved the capture of $1.2 million in local taxes for demolition of existing buildings. The project will spur more than $9.1 million in private investment
Twin Oaks Network, LLC plans to utilize a $650,000 credit to redevelop contaminated property in the Warren Renaissance Zone, formerly the Warren Tank Plant, in Warren. The company will invest $6.5 million to construct a 68,150-square-foot building. A portion of the structure will house the southeast Michigan offices of the Michigan Department of Environmental Quality. Additional space will be available for lease to private businesses.
"Michigan's brownfield tax credits have been instrumental in helping communities recycle obsolete, contaminated and underutilized properties for new uses to create jobs and additional tax revenues," said MEDC President and CEO Don Jakeway. "Communities statewide have successfully utilized the program to help transform their cities, one site at a time."
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.