Thursday, September 30, 2004
Paul Krepps, MEDC
$1.4 Million Tax Credits Will Help Convert Brownfield Sites
Governor Jennifer M. Granholm today announced that two brownfield sites in Bay City and Saginaw will be transformed to create residential and commercial developments, thanks to $1.4 million in Single Business Tax credits approved by the Michigan Economic Development Corporation (MEDC).The tax credits will spur more than $12.3 million in private investment.
Redeveloping brownfield properties and turning them into useful developed properties is critical for economic growth in Michigan," Granholm said. "These tax credits will accelerate property redevelopment and business and job opportunities for the citizens of this area."
Bay City: Marina Place LLC will use a credit valued at up to $1 million to help redevelop an obsolete warehouse located on the downtown Bay City riverfront. The 42,500-square-foot building will become a four-story, 37-unit condominium complex. The developer will invest more than $11.9 million in the project.
Saginaw: 212 Janes LLC will use a $45,096 credit to redevelop a former dry cleaning facility located at 212 Janes. The developer will invest more than $450,000 to renovate the facility into commercial space for use by AKT Environmental Services with loft-style apartments above. The project is expected to spur more than $8.2 million in private investment and bring five jobs into downtown Saginaw.
"We are making significant progress cleaning up brownfield sites throughout the state," said MEDC President and CEO Don Jakeway. "Tax credits have made it possible by addressing the liability and cost issues that had been keeping these properties undeveloped."
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 29,514 jobs as a result of targeted assistance provided by the MEDC. Assistance includes support for turning contaminated, blighted and functionally obsolete sites into new opportunities for economic development.