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Wednesday, May 23, 2012
The Michigan Economic Growth Authority (MEGA) today approved work plans for four brownfield redevelopment projects expected to generate $39.4 million in new investment and create or retain 512 direct jobs.
LANSING – The Michigan Economic Growth Authority (MEGA) today approved work plans for four brownfield redevelopment projects expected to generate $39.4 million in new investment and create or retain 512 direct jobs.
“These projects will help transform blighted, contaminated or functionally obsolete properties into a variety of new uses that will add jobs and diversify Michigan's economy,” said Michael A. Finney, President and CEO of the Michigan Economic Development Corporation. “Our economic gardening strategy is helping companies grow and generate new job opportunities.”
The MEGA board today approved brownfield work plans for the following Michigan projects:
2021 and 2025 Water Street Redevelopment Project – The City of Port Huron Brownfield Redevelopment Authority and OHMI Port Huron, LLC will use local and school tax capture valued at $646,410 to redevelop the vacant and functionally obsolete City Marina in the City of Port Huron. This will be a three-phase project consisting of the construction of a hotel, a new restaurant development and redevelopment of the marina. The project is expected to generate $9.2 million in new investment and create approximately 25 permanent full-time jobs.
Emergent BioSolutions Redevelopment Project – The City of Lansing Brownfield Redevelopment Authority will use MEGA school and local tax capture valued at $4,618,370 to expand and upgrade the Emergent BioSolutions campus in the City of Lansing. The project includes construction of a new 33,000 square foot administration building and other campus-wide improvements. The project is expected to generate up to $25 million in new investment and position Emergent, which employs 436 individuals, for substantial new growth with projected additional investment up to $95 million.
M2 Enterprises Coldwater Project– M2 Enterprises Coldwater, LLC and the Branch County Brownfield Redevelopment Authority will use local and school tax capture valued at $166,422 to redevelop a site in the City of Coldwater that has been vacant for 35 years and construct a new Culver’s restaurant. The project is expected to generate up to $2.25 millionin new investment and create 44 permanent full-timeequivalent jobs.
Wolf River Development Company 514 Project – Wolf River Development Company 514, LLC and the City of East Lansing Brownfield Redevelopment Authority will use school and local tax capture valued at $266,228 to redevelop the 514 Michigan Avenue property in East Lansing. The current building will be demolished and a new four-story, 23,200 square foot mixed-use building will be constructed. The project is expected to generate up to $2.9million in new investment and create seven permanent full-time jobs.
Under the Brownfield Redevelopment Act PA 381 of 1996, a municipality may create a Brownfield Redevelopment Authority to develop and implement Brownfield projects using a Tax Increment Financing (TIF) as a tool for property redevelopment. MEDC is responsible for administering Brownfield TIF Plans requesting capture of state education taxes under the direction of the Michigan Economic Growth Authority Board.
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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