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Thursday, October 9, 2014
The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of two community revitalization projects in West Michigan that will generate nearly $2.5 million in private investment.
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of two community revitalization projects in West Michigan that will generate nearly $2.5 million in private investment.
“These projects will strengthen and further revitalize downtown Grand Rapids and act as catalysts for viable residential neighborhoods by redeveloping obsolete buildings into vibrant commercial and living spaces,” said MEDC President and CEO Michael A. Finney.
The Michigan Strategic Fund approved incentives for the following community revitalization projects:
Stocking Street Properties, LLC and Harmony Brewing, LLC plan to restore the historic former Rauser Sausage Factory building in the Stockbridge neighborhood of the City of Grand Rapids to become the second location for Harmony Brewing Company. The project will include the addition of a glass storefront to the side of the building, second floor outdoor seating, and a brewery to the first floor. The project will generate a total capital investment of more than $1 million and the creation of 10 full-time jobs, resulting in an $89,574 Michigan Community Revitalization Program performance-based grant. The City of Grand Rapids is supporting the project with $187,887 in real property tax abatement and $209,079 in personal property tax abatement.
TFG Building, LLC plans to rehabilitate and repurpose an existing functionally obsolete and vacant building on Fulton Street in the City of Grand Rapids to make way for eight market rate residential apartments and commercial office space. The project will generate a total capital investment of nearly $1.3 million and create two full-time equivalent jobs. As a result, the project has been awarded a $136,527 Michigan Community Revitalization Program performance-based grant. The City of Grand Rapids will support the project with an Obsolete Property Rehabilitation Tax abatement valued at approximately $91,343.
The Michigan Community Revitalization Program provides grants, loans, or other economic assistance of up to $10 million to projects that will revitalize regional urban areas, act as a catalyst for additional investment in a community, reuse vacant or historic buildings and promote mixed use and sustainable development.
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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