Wednesday, March 31, 2004
Mostly Vacant Building to be Redeveloped Into Mixed Use Facility
Governor Jennifer M. Granholm announced today that a $130,000 Single Business Tax credit will help convert a largely vacant downtown Detroit building into office space and loft apartments, creating 40 new jobs. The credit, offered through the Michigan Economic Development Corporation (MEDC), will spur more than $1.3 million in private investment.
"Finding new and more valuable uses for brownfield sites is essential to the ongoing economic success of our core communities," Granholm said. "Transformation of this underutilized building will create more tax revenue, jobs and housing opportunities where they are needed most."
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 4,834 jobs as a result of targeted assistance provided by the MEDC.
The 1322 Broadway Development Corporation plans to completely renovate the three-story structure located at 1322 Broadway.
"Many properties in Detroit have benefited from Michigan's brownfield redevelopment program," said MEDC President and CEO Don Jakeway. "These tax credits are vital in helping cities of all sizes cope with the high cost of redeveloping blighted, contaminated and underutilized properties."
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.