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Tuesday, February 23, 2016
The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of three community development projects and approval of the vendor for the Michigan.org website rebuild.
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of three community development projects and approval of the vendor for the Michigan.org website rebuild. The projects are expected to generate more than $48.4 million in total investment and create 182 jobs in Michigan.
“Today’s MSF actions will lead to new business growth, revitalized communities and more and better jobs for our residents,” said MEDC Chief Executive Officer Steve Arwood. “We’re pleased to support these projects, which will lead to greater economic growth for our communities and our residents.”
Friends of the Capitol Theatre, LLC and Uptown Reinvestment Corporation, Inc. plan to restore the Capitol Theatre in the heart of downtown Flint to its former historic glory, with the finished project including a 1,800-seat community theater and more than 21,000 square feet of office space. The project is expected to generate a total capital investment of more than $31.4 million and create 82 full-time jobs, resulting in a $5.5 million Michigan Community Revitalization Program performance-based equity investment. The theater is expected to draw between 60,000 and 80,000 patrons per year, bringing significant foot traffic and economic activity to the downtown area. The project will also receive a $500,000 grant from the Michigan State Housing Development Authority, an expected $3.7 million federal Historic Tax Equity, and grants and donations from foundations, organizations and individuals.
The City of East Lansing Brownfield Redevelopment Authority received approval of $1,443,165 in local and school tax capture for the redevelopment of long-vacant property located on Grand River Ave. for the Stonehouse Village VI project in downtown E. Lansing. The completed project will consist of approximately 36 new residential rental units and 6,500 square feet of retail and commercial space, and will generate a total capital investment of $8.7 million and create an anticipated 25 full-time equivalent jobs. The tax capture will be used for lead and asbestos abatement, demolition activities, site preparation and infrastructure improvements. The developers have also requested $78,715 from the Michigan Department of Environmental Quality in Tax Increment Financing to assist with environmental activities.
The City of Taylor Brownfield Redevelopment Authority received approval of $1,091,033 in local and school tax capture for the alleviation of brownfield conditions and site preparation for the Watson Engineering, Inc. expansion project in Taylor. This is an increase from the original request of $221,220, which was approved by the MEGA Board in September 2010. The associated Brownfield MBT credit, also approved in September of 2010 by the MEGA Board, was amended to accommodate the revised project, although there was no change to the original credit amount. The project was unable to get underway at that time and has since changed scope. Watson Engineering, a full-service sheet and tubular metal fabrication company, has secured additional contracts recently and needs to add services and employees. The company plans to construct a new facility on Pennsylvania Rd. in Taylor, investing $8.3 million and creating 75 jobs. The tax capture will assist with lead and asbestos abatement, demolition and site preparation activities, and infrastructure improvements. A request has also been made to the Michigan Department of Transportation for a grant to use toward infrastructure improvements.
The Michigan Strategic Fund also approved a contract with Miles Media Group for the development and creation of a new web platform for the Travel Michigan website, www.michigan.org.
Pure Michigan is a brand representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead advocate for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.
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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