Tuesday, December 17, 2002
Projects could result in more than $320 million in new investment
Governor John Engler announced today that the Michigan Economic Development Corporation has offered assistance to help redevelop four brownfield sites in Traverse City, Redford and Midland.The four projects could generate more than $320 million in new private investment.
“Michigan’s brownfield program is truly one of the best in the nation,” said Governor Engler.“The projects announced today are a continued testament to that success. This program has brought almost $3 billion in new private investments to areas that before the brownfield program would have never been considered for redevelopment.”
Two brownfield projects in Traverse City received approval for brownfield assistance. The first project involves redeveloping the former state of Michigan psychiatric hospital and neighboring buildings including a former power plant.The project is the initial phase of an effort to redevelop a 500-acre campus with several buildings consisting of about 750,000 square feet of space.The proposed development will refurbish the existing buildings into a mixed-use, walkable village environment.This development would create 76 new full-time jobs and a potential for up to $32 million of private investment.The project received approval to capture up to $4.4 million in state and local taxes to fund the brownfield redevelopment.
The second Traverse City project involves redeveloping 16 parcels of land located on both sides of the Boardman River in downtown Traverse City.This blighted property is expected to be redeveloped into a retail/commercial/residential center and possibly an upscale hotel or upper-end condo complex.The project will remove vacant and deteriorating structures and provide needed parking and other infrastructure improvements for the redevelopment of the property. This development would create 182 new jobs and a potential for up to $70 million of private investment.The project received approval to capture up to $12.1 million in state and local taxes to fund the brownfield redevelopment.
A former elementary school site in Redford that has not been occupied in more than 10 years will now be redeveloped thanks to brownfield financing.The project involves demolishing the school building, infrastructure improvements and site preparation activities to allow for the redevelopment of the site into 56 residential housing units.The project will result in private investment of about $7.5 million. The project received approval to capture up to $1.37 million in state and local taxes to fund the brownfield redevelopment.
The Dow Chemical Company received approval today for a brownfield Single Business Tax credit for potential plans to redevelop properties at the company’s operations in Midland.The project could result in private investment of up to $245 million and create up to 300 jobs.The brownfield Single Business Tax Credit approved for this project is valued at up to $24.5 million over a 10-year period.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.