Governor Jennifer M. Granholm announced today that the Michigan Economic Development Corporation (MEDC) has granted brownfield tax credits to assist three redevelopment projects in the city of Detroit. The projects are expected to generate $55 million in private investment and create as many as 476 new jobs.
“Bringing underutilized properties back into active use is essential to supporting sustained economic growth in our cities,” Granholm said. “These projects are steps in the right direction toward the ongoing effort to revitalize Detroit and make it a magnet for the young, vibrant workforce of the future.”
VITEC, a Tier One automotive supplier engaged in the design, manufacture and assembly of plastic fuel tanks, plans a $20.6 million expansion in the ClarkStreetTechnologyPark. The project will create 26 new jobs and retain 20 positions. The tech park is the former location of the General Motors Cadillac assembly plant.
This redevelopment has been approved for a brownfield SBT credit of up to $1 million.
Huber-Manchester Investments plans to initiate the first phase of the redevelopment of I-94 Industrial Park in Detroit.The company will build a new 300,000 square foot facility to house manufacturing service, light assembly and warehousing operations within the park. Construction will begin in December with completion expected next May.
A brownfield Single Business Tax credit of up to $1.5 million was approved for the project, which is expected to spur $26.5 million in private investment and create 250 new jobs.
Curis Group, a Detroit development company, is working in partnership with Eastside Land, Inc. to redevelop blighted commercial and residential properties at the corner of Mack and Alter. The new development will include a 55,000 square-foot multi-use retail center. The development company will invest $8.5 million in the project. Future retail activity at the site could result in the creation of as many as 200 new full-time jobs.
The project received approval today to capture up to $462,300 in state and local taxes to fund demolition and site preparation activities for redevelopment.
“By making use of Michigan’s brownfield redevelopment laws, the city of Detroit is transforming previously unused sites into productive and aesthetically pleasing business locations,” said Don Jakeway, president and CEO of the Michigan Economic Development Corporation. “These changes will lead to further economic development and commercial investments in the city.”
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.
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