Governor Jennifer M. Granholm announced approval of $41.6 million in state and local tax capture to be used by Wayne County Brownfield Redevelopment Authority for development of the $72-million Pinnacle Race Course on 240 acres at Interstate 275 near Sibley Road in Huron Township. Ground was broken April 4 for Phase 1 of what will be Michigan’s only thoroughbred racetrack when it begins racing July 18. The project, expected to create over 1,000 jobs, will benefit from assistance provided by the Michigan Economic Development Corp. (MEDC).
“This project is exciting news for Michigan’s sport, entertainment and tourism industries,” Granholm said. “Not only will it create new jobs, it will serve as a catalyst to new growth as the Pinnacle Aeropark unfolds south of Detroit Metropolitan Airport.”
When completed, Pinnacle will feature two tracks, grandstands, picnic area, clubhouse, horse barns and grooms’ quarters. Total capacity is estimated at 8,000, with 1,200 horse stalls located on site. Future growth on the remaining 80 acres of the site will consist of retail and/or commercial development.
Local support for the project is primarily from Wayne County with its investment of $28 million in public infrastructure which will benefit this and other large scale developments in Pinnacle Aeropark.
“This is just the beginning of a world-class commercial and industrial complex and transportation hub that will mark the entry of western Wayne County into the global economy,” MEDC President and CEO James C. Epolito said. “We have just begun to mine the potential of this until-now underutilized location.”
Pinnacle Race Course is one of five economic development projects announced today. In all, they are expected to create and retain a total of 9,013 jobs. Michigan 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.
“The location of the Pinnacle Aeropark makes Wayne County a great site for this world-class thoroughbred race course,” Wayne County Executive Robert A. Ficano said. “This was a collaborative effort from local, county and state governments recognizing a sense of urgency to make something happen in this region. This project will make Wayne County a tourism destination and serve as a catalyst for further development at Pinnacle Aeropark.”
In her 2008 State of the State address, Granholm emphasized the importance of making Michigan a leader in creating opportunity in the changing world of the 21st century. Since January 2005 the governor and MEDC have announced the creation or retention of more than 235,000 jobs as a result of targeted assistance provided by the MEDC.
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. For more information on the MEDC’s initiatives and programs, visit the Web site atwww.MichiganBusiness.org.
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