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Tuesday, April 22, 2008
$4.6-million project to support city's 'Medical Mile'
Governor Jennifer M. Granholm today announced that state and local tax capture valued at $207,277 will assist Third Coast Development Partners LLC in the construction of a single-story, 22,000-square-foot structure at the former Bishop’s Furniture site at 1697 Michigan Street in Grand Rapids. It will be leased to Spectrum Health for a child care and development center, allowing the hospital to merge current child development activities from two separate locations in the metro area. The project will benefit from assistance provided by the Michigan Economic Development Corp. (MEDC) and the Michigan State Housing Development Authority (MSHDA).
“These kinds of projects revitalize local downtowns, making them more attractive places for new investment, new commercial activity and new jobs,” Granholm said. “This new center will be the perfect addition to all the exciting new development happening in Grand Rapids.”
The new center is expected to generate $4.6 million private investment and retain 30 jobs.
“Michigan’s brownfield program is being used by Grand Rapids to good advantage for local redevelopment,” MEDC President and CEO James C. Epolito said. “Everybody benefits.”
The Grand Rapids brownfield is one of five economic development projects announced today. In all, they are expected to create 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.
“This investment by Third Coast Partners supports the growth of employment on the Medical Mile in a very family-centered way,” Deputy City Manager Eric DeLong said.
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.
“MSHDA is proud to partner with the MEDC and local communities to redevelop these downtown properties into projects that will help attract 21st century jobs and talent to Michigan,” MSHDA Community Assistance Director Joe Borgstrom said. “These partnerships go a long way in not only helping revitalize traditional downtowns, but also in making our downtowns a more vibrant place to live, work and invest.”
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.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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