MSF supports community projects in Flint, Detroit, Kalamazoo at final meeting of fiscal year 2018; MSF, MEDC support $7.2 billion in private investment, creation of 38,989 private-sector jobs*
LANSING, Mich. – Projects expected to generate more than $96.5 million in total investment and create or retain 267 jobs in Michigan gained approval from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today.
“Today’s projects, including the redevelopment of the vacant YWCA in downtown Flint, as well as developments in Detroit and Kalamazoo, will serve as catalysts for further economic growth and ultimately bring more jobs to Michigan residents,” said Jeff Mason CEO of MEDC, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the MSF.
“These investments are the result of vital long-term relationships with public and private partners, and we’re pleased to be a part of the collaboration to bring today’s projects to fruition,” he said.
310 East Third Street LDHA, LP plans to redevelop the former YWCA site on Third Street in downtown Flint into a walkable, urban mixed-use development that will include 92 residential apartments and retail space.
The project is expected to generate a total capital investment of $19.5 million and create 20 permanent full-time equivalent jobs, will bring new commercial and residential tenants to the downtown area, and will serve as a catalyst for additional development and growth. As a result, the project has been awarded a Michigan Strategic Fund other assistance $7 million performance-based loan.
The city of Flint is contributing a $250,000 loan from its HOME program and a Payment in Lieu of Taxes valued at six percent. In addition, the project is expected to receive a Low Income Housing Tax Credit equity investment of approximately $9.5 million.
The City of Kalamazoo Brownfield Redevelopment Authority received MSF approval of local and school tax capture valued at $1,549,178 for the rehabilitation of a vacant, historic former paper manufacturing building into office space in downtown Kalamazoo. The project will include the demolition of a non-historic section of the building to restore its to its historic state. The project is expected to generate a total capital investment of $9.2 million and create seven jobs as well as retain 160 jobs. The tax capture will be used to remediate brownfield conditions at the site, including removal of asbestos, preparing the site for development, and making infrastructure improvements.
Temple Group Holdings plans to historically rehabilitate the eight-story former Standard Accident Insurance Company building located in the Midtown neighborhood just blocks away from Little Caesars Arena in the city of Detroit.
The building will be rehabilitated into a mixed-use development that includes hotel, banquet, restaurant, and bar space, and residential apartments on the top three stories. The adjacent vacant lot will be turned into green space that will serve as an area for outdoor entertainment. The project is expected to generate a total capital investment of $67.6 million and create 80 permanent full-time equivalent jobs, resulting in a $5,697,000 Michigan Community Revitalization Program performance-based loan participation. The city of Detroit has approved an Obsolete Property Rehabilitation District valued at $13,221,355 in support of the project.
MSF also approved $4,957,402 in local and state tax capture for the City of Detroit Brownfield Redevelopment Authority to remediate brownfield conditions at the site.
MSF also approved the following:
For more information on the Entrepreneurial and Innovation projects, read the press release here.
Today’s MSF meeting marks the final session in fiscal year 2018. From Oct. 1 through Aug. 31, MSF and MEDC have supported $7.2 billion in private investment and the creation of 38,989 private-sector jobs. Grants approved throughout the year supported a range of the state’s traditional and emerging industries, including automotive and advanced manufacturing, agriculture, mobility, aerospace, defense and cybersecurity.
In partnership with the state legislature, and local and regional economic development organizations, MSF programs administered by MEDC have been a catalyst in supporting private investment in facilities, machinery and technology while creating jobs.
Highlights from the recent fiscal year include:
*Between Oct. 1, 2017 – Aug. 31, 2018
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.