Thursday, March 30, 2006
Michael Shore, MEDC
New Housing, Commercial Development Planned for Benton Harbor
Governor Jennifer M. Granholm today announced that the former Benton Hotel in downtown Benton Harbor; will be transformed into a mixed-use development as the result of a brownfield Single Business Tax credit approved by the Michigan Economic Development Corporation. The project is expected to involve more than $400,000 in private investment and create 15 new full and part-time jobs.
This redevelopment project is great news for Benton Harbor, Granholm said. It will attract new jobs, businesses and people back to the city and serve as a catalyst for future investments and opportunities for the community.
The developer, Victoria Ventures LLC, will use the brownfield credit valued at $40,013 to convert the three-story building located at 124 Water Street into a mixed-use facility that will feature 2,150 square feet of commercial space on the ground floor and four apartments on the upper levels. The city will support the project through local tax capture valued at $89,860 approved by the Benton Harbor Brownfield Redevelopment Authority and a federal Community Development Block Grant valued at $15,000.
This is a great community to be a part of, Regina Emberton of Victoria Ventures LLC said. The public support we received for this project from the city of Benton Harbor and the MEDC demonstrates the strong public-private collaboration needed to encourage growth and investment in the area.
In her 2006 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005, the Governor and the MEDC have announced the creation or retention of more than 69,000 jobs as a result of targeted assistance provided by the MEDC.
Revitalizing vacant properties into sources of new jobs in the heart of our unique downtowns is exactly what the Michigans brownfield program was designed to do, MEDC President and CEO James Epolito said. I applaud the city and the development team for working together to make this project happen.
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. For more information on the MEDCs initiatives and programs, visit the Web site at www.michigan.org.
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