The Michigan Economic Development Corporation (MEDC) will assist the City of Grand Rapids in revitalizing its Monroe North Business District, a 114-acre area of primarily older industrial buildings.
The revitalization will include the acquisition of valuable property along the waterfront, removal of an old railroad line and the construction of a 718 space parking deck.
Another key element of the revitalization of the Monroe North District is the Grand Rapids Press’ plans to modernize its facility and forego its current free parking and participate in the new deck.
A brownfield Single Business Tax credit awarded today will aid the Grand Rapids Press with refurbishment and expansion of the facility as well as replacement of obsolete equipment.The $78.8 million project includes the demolition of a portion of the existing building, purchase and installation new equipment and machinery.
“The willingness of Grand Rapids Press to participate in the new parking deck structure is essential to the city’s long term economic development plans,” said Doug Rothwell, president & CEO of the Michigan Economic Development Corporation.“The newspaper’s plan to invest in the downtown development will contribute to the rebirth of the City’s Monroe North Business District.”
The Monroe North District has been underutilized for years and is now experiencing a rebirth due to changes in environmental laws and effective use of the Renaissance Zone program.
“Approval of this project is a tremendous boost to the city's economic development efforts.Besides helping to retain a major manufacturer in our core city, it allows us to continue the revitalization of the North Riverfront District where contaminated and vacant industrial properties are being converted to loft housing, new office and high tech businesses,” said Susan Shannon, business advocate for the City of Grand Rapids.“We are delighted to be able to work in partnership with the Grand Rapids Press and the Michigan Economic Development Corporation on this important and vital project.”
A brownfield tax credit valued at up to $7.8 million for 10 percent of the eligible investment in the Grand Rapids Press expansion was approved today.
This credit was approved under a recent amendment to the Brownfield Redevelopment Financing Act.This amendment increases the maximum Single Business Tax credit and allows the credit to be given to functionally obsolete, blighted or contaminated property in 88 core communities.
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.