Governor Jennifer M. Granholm today announced plans for three major brownfield redevelopment projects in the city of Holland that are expected to involve more than $6.5 million in new investment and create up to 45 new jobs. The projects will benefit from assistance provided by the Michigan Economic Development Corporation and the Michigan State Housing Development Authority.
“Vibrant cities attract the type of 21st century investment and jobs that will transform Michigan’s economy,” Granholm said. “Holland, like many cities across the state, is engaging in creative redevelopment projects that eliminate blight and create fertile ground for new business and residential opportunities.”
- Purple House Productions LLCwill utilize state and local tax capture valued at $63,823 to help renovate a vacant building located at 479 Columbia Avenue in the Columbia Arts District. When completed, the 6,500-square-foot structure will house TicTock Studios, a commercial film production company. The project will generate $701,185 in private investment and five new jobs.
- Scrap Yard Lofts LLCwill embark on a two-phase project to renovate two buildings located at 146 River Avenue utilizing state and local tax capture valued at $811,000. One building will be transformed into a mixed-use facility with 27 apartment and condominium units on the upper two floors and 13,600 square feet of office space on the first floor. A portion of the building will be used for a parking garage. The other building will be renovated to house 21,000 square feet of office space. Both phases of the project are expected to generate $5.8 million in capital investment and create up to 40 new jobs.
- The Holland Brownfield Redevelopment Authoritywill usestate and local tax capture valued at more than $4 million to help finance a new 262 space parking structure to help support new and future redevelopment projects including a mixed-use redevelopment known as Eighth Street Properties currently underway at 99 East 8th Street.
“Successful cities have to constantly reinvent themselves through the redevelopment and reuse of valuable downtown property to attract business and residents,” MEDC President and CEO James C. Epolito said. “The brownfield tax incentives approved today helped close the deal on these projects by making them less expensive to develop and more attractive to private investors.”
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.
"Brownfield legislation as fashioned by the Michigan Legislature, signed into law by the governor and now being implemented by Michigan cities is an essential economic redevelopment tool,” Holland Mayor Al McGeehan said. “Through appropriate municipal application of this statute, cities are creating public /private partnerships and establishing the financial incentives which will slow regional sprawl and bring new investment and vitality to properties which would otherwise languish.”
In her 2007 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 MEDC have announced the creation or retention of more than 209,000 jobs as a result of targeted assistance provided by the MEDC.
“Michigan has exceptional cities all across the state, redevelopment in cities like Holland will draw more talent, jobs and investment to our state,” MSHDA Executive Director Michael DeVos said. “These projects are exactly what cities and the state need to be doing in order to create places where people want to live and work.”
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 at www.MichiganBusiness.org.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
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