Tuesday, October 19, 2004
Paul Krepps, MEDC
Heartside Neighborhood Project to Spur $7.5 Million in Private Investment
Governor Jennifer M. Granholm today announced that several blighted properties in the historic Heartside neighborhood in Grand Rapids will be redeveloped with the assistance of the Michigan Economic Development Corporation (MEDC). The MEDC approved the capture of more than $1.6 million in state and local taxes as well as a brownfield Single Business Tax Credit (SBT) valued at $752,900 to help prepare the sites for redevelopment.
The Heartside redevelopment is one of six major economic development projects the Governor announced today. In all, they are expected to create or retain a total of 1,224 Michigan jobs, including 804 directly by the companies and redevelopments.
"The approval of the Brownfield SBT credit and tax increment financing requests are the final, critical financing pieces that will make this project economically viable," said Dennis Sturtevant, Chief Executive Officer of Dwelling Place. "The properties designated have been vacant for more than 10 years and have been a serious blight on the neighborhood and its long term future. The state's action here ensures that the future of this area is one full of promise for economic growth and improved quality of life."
"The Heartside revitalization project is an excellent example of multi-level collaboration," said MEDC President and CEO Don Jakeway. "Several individuals from the city, the neighborhood and Martineau have come together to put the spark behind this project which will have a tremendous impact on the city for many years to come."
In her 2004 State of the State address, Governor Granholm announced a focused plan for achieving a powerhouse economy. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 30,794 jobs as a result of targeted assistance provided by the MEDC.
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.