Thursday, October 10, 2002
Developments to spur more than $90 million in new investment
Governor John Engler announced today that the Michigan Economic Development Corporation has offered assistance to help redevelop three brownfields in Detroit, Ludington and Saginaw.The three projects are expected to generate more than $90.6 million in private investment.
“Michigan’s urban revitalization efforts are moving ahead full steam,” said Governor Engler.“These brownfield redevelopment projects are the latest in the long line of past successes bringing investment and jobs to Michigan’s urban cores.”
General Motors Saginaw Metal CastingOperations project was offered an $8.8 million brownfield redevelopment tax credit to rehabilitate a portion of the functionally obsolete Saginaw metal casting facility.If GM approves going forward with the project, the site rehabilitation would make it possible for GM to produce engine block castings at the Saginaw facility for the next generation of aluminum V-8 engines. The project would result in approximately $88.1 million in private investment and retain 191 positions. GM has been a presence at this location since 1917.
The I-94 Industrial Park redevelopment project in Detroit was approved to receive the benefits of brownfield tax increment financing totaling more than $7.8 million. The financing will primarily be used for demolition and site preparation for what will become a 153-acre industrial park near the I-94 and Mount Elliot interchange.
The blighted property has been abandoned for years. The finished project is expected to create hundreds of jobs and result in tens of millions of revenue for the state.
The Whitehall Industries project in Ludington received approval for brownfield tax increment financing in the amount of $208,250 to prepare the former site of the CSX railroad depot for redevelopment.Whitehall Industries plans to expand its currently land-locked facility on the property.Site preparation activities for the 4.2-acre parcel will include demolition, infrastructure improvements and soil decontamination activities.The project is expected to spur $2.5 million in private investment and create approximately 30 new jobs.
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.