Tuesday, August 14, 2007
Michael Shore, MEDC
$18.3 Million in Private Investment to Create Housing and Jobs
Governor Jennifer M. Granholm today announced plans for three major redevelopment projects in Grand Rapids, Owosso and InghamCounty that will generate $18.3 million in new investment and up to 165 new jobs. The projects will benefit from assistance provided by the Michigan Economic Development Corporation and the Michigan State Housing Development Authority.
City of Grand Rapids:State and local tax capture valued at $554,550 will support the construction of new commercial building in downtown Grand Rapids to include a two-story parking deck and 46,000-square-feet of office space. Developer Front Street Properties LLC will redevelop contaminated property located at 678 Front Avenue which is expected to create up to 75 new jobs and $10.3 million in private investment. MSHDA partnered with the MEDC to support this project.
Ingham County Land Bank Fast Track Authority:The Ingham County Land Bank in partnership with the Ingham County Brownfield Redevelopment authority will utilize state and local tax capture valued at more than $1.3 million to redevelop and revitalize tax reverted properties across Ingham County. The redevelopment activities will include the renovation of approximately 14 homes, the construction of 37 new homes and two additional commercial and mixed-use developments and title clearance of 90 additional properties. The projects are collectively anticipated to create 50 new jobs. MSHDA partnered with the MEDC to support this project.
City of Owosso:State and local tax capture valued at $257,992 will help finance site preparation and infrastructure improvements to facilitate the expansion of after-market auto part manufacturer TiAL Products. The three-phase, 58,000-square-foot expansion is expected to create 40 new jobs and generate up to $8 million in private investment.
The Grand Rapids, Ingham County and Owosso redevelopments are three of nine economic development projects Granholm announced today. In all, they are expected to create a total of 2,982 Michigan jobs. 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
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.
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