Wednesday, August 29, 2007
Bridget Beckman, MEDC
Mixed-Use Construction Replacing Urban Blight
Governor Jennifer M. Granholm today announced plans for two major redevelopment projects in Muskegon and Wyandotte that are expected to generate a total of $4.6 million in private investment and create up to 85 new jobs. The projects will benefit from assistance provided by the Michigan Economic Development Corporation and the Michigan State Housing Development Authority.
City of Muskegon:
City of Wyandotte:Developer Oak Wyandotte LLC will use state and local tax capture valued at $198,743 to help finance a commercial project at the corner of Fort and Oak streets at one of the gateways to the central business district consisting of two new single-story buildings with a combined total of 27,225 square feet. The space will be divided into six commercial units, one unit comprising all of one building, with the remaining five units located in the second building and ranging in size from 1,000 to 2,000 square feet. The anchor tenant is Aldi Foods Inc.
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.
"Downtowns that are vibrant places retain and attract 21st-century talent that want to live, work and invest in Michigan
MSHDA is a quasi-state agency 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.
# # #