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Tuesday, July 15, 2008
Projects Fuel $111.1 Million Investment, Create 16 Jobs
Governor Jennifer M. Granholm today announced state support for a new condo and senior residential campus in Wayne County’s Redford Township and in downtown Flint, the rehabilitation of the Durant Hotel into a mixed residential and commercial development. Combined, the projects will generate $111.1 million in new capital investment and 16 new jobs. The projects will benefit from assistance provided by the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA).
“Removing blight inspires new investment, new jobs and ultimately, a better quality of life,” Granholm said. “Creating the potential for updated development on sites that no longer serve theirprevious purpose is the essence of economic transformation.”
The redevelopment projects announced today:
“I am delighted to see Redford Township and Flint use Michigan’s brownfield program to preserve an important part of their local heritage,” MEDC President and CEO James C. Epolito said. “These projects will help maintain a sense of continuity in both communities.”
The brownfield transformationsare among 18 economic development projects the Governor announced today. In all, they are expected to create and retain a total of 6,917 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.
“Over the past years, MSHDA and MEDC have developed a very effective working relationship, and we are proud to collaborate with MEDC on these brownfield redevelopment projects.” 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.”
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 G overnor and MEDC have announced the creation or retention of more than 249,000 jobs as a result of targeted assistance provided by the MEDC.
MSHDA is a quasi-stateagency 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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