Wednesday, July 28, 2004
Paul Krepps, MEDC
Tax Credits Creating Commercial Office, Housing and Retail Opportunities
Governor Jennifer M. Granholm announced today that Single Business Tax (SBT) credits offered through the Michigan Economic Development Corporation will help redevelop brownfield sites in Monroe and Pontiac, spurring more than $1.5 million in private investment and creating as many as seven jobs for Michigan workers.
"Brownfield redevelopment is often a very expensive undertaking for already fiscally stretched communities," Granholm said. "Renewing these formerly unusable properties will allow them to become economically productive to the community once again."
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 23,605 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.
"These projects are fine examples of the brownfield program in action," said MEDC President and CEO Don Jakeway. "The tax credits are a small investment for the return that we will gain in the future through new tax revenues and the housing and business opportunities that these projects will create."
Brownfield SBT credits valued at a total of more than $155,145 were awarded to the following projects:
Monroe: JoeBabe, LLC will use a $95,757 credit to help redevelop contaminated property located at 504-510 Monroe Street to facilitate the 4,000-square-foot expansion of a locally owned neighborhood grocery store. The project is expected to spur more than $957,570 in private investment and create up to two new jobs. The city of Monroe has agreed to support the redevelopment by capturing local taxes valued at approximately $55,680.
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.