Wednesday, January 12, 2005
Michael Shore, MEDC
$3.9 Million Investment and 40 New Jobs Expected
Governor Jennifer M. Granholm today announced state support will help turn two underutilized downtown Grand Rapids properties into housing, retail, and commercial space. The two projects are expected to generate more than $3.9 million in private investment and retain more than 40 jobs. Brownfield Single Business Tax credits for the project valued at $397,000 were approved by the Michigan Economic Development Corporation. Grand Rapids is one of the Governor's designated Cool Cities.
"Grand Rapids has received national recognition for its success in transforming brownfield properties and revitalizing its downtown," Granholm said. "These two projects will keep the positive momentum going by encouraging further redevelopment and job creation in the heart of the city."
The city of Grand Rapids, through the Downtown Development Authority, has contributed an additional $100,000 in grants to the following two projects:
First Shot LLC will use a tax credit valued at $189,500 to rehabilitate a dilapidated five-story building located at 83-85 Monroe Center. The property will be renovated in accordance with historic guidelines into a mixed-use facility with condominiums and apartments on the upper floors and retail shops on the street level. First Shot will invest more than $1.8 million in the project.
"Brownfield properties are very challenging to redevelop because of the costs and liabilities involved," MEDC President and CEO Don Jakeway said. "These tax credits will help address these challenges and transform two underused properties into assets for downtown Grand Rapids."
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. In 2004 the Governor and the MEDC announced the creation or retention of more than 54,000 jobs as a result of targeted assistance provided by the MEDC. Overall during 2004, the Governor announced the creation or retention of some 130,000 jobs by all state agencies.
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.