Friday, July 15, 2005
Michael Shore, MEDC
Unfinished Project to Get New Life, Create 60 Jobs
Governor Jennifer M. Granholm today announced the renovation of a blighted office building in downtown Muskegon will finally be completed with the assistance of a brownfield Single Business Tax credit from the Michigan Economic Development Corporation. The project is expected to generate more than $3.8 million in private investment and create 60 new jobs.
"For three years, downtown Muskegon has stood in the shadow of this steel skeleton," Granholm said. "Thanks to the community's resolve and a dedicated development team, a public eyesore will be removed from the skyline and transformed into a powerful job and revenue-generating asset for the city."
The developer, MSB II LLC, will use a $388,000 brownfield Single Business Tax credit with its own investment of $3.8 million to complete the unfinished building located at 715 Terrace Street. The 20,000-square-foot office building will house National City Bank and other financial, legal, insurance and brokerage firms. The city of Muskegon will assist the project with a $30,000 environmental investigation grant.
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC have announced the creation or retention of more than 53,000 jobs as a result of targeted assistance provided by the MEDC.
"This has been an extremely challenging site to redevelop," MEDC President and CEO Don Jakeway said. "Helping communities turn problem properties into positive resources that spur investment and create jobs is what the state's brownfield incentive program is all about."
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.