Tuesday, July 13, 2004
Paul Krepps, MEDC
$777,000 Investment Made Possible by State Redevelopment Assistance
Governor Jennifer M. Granholm today announced state support will allow blighted property along West Vernor Highway on the Detroit's southwest side to become the site of a Family Dollar store. Plans call for construction of the 10,000-square-foot store with private investment of some $777,000, on a site that is now home to two abandoned buildings and a junkyard. The store will employ 11 and will bring much needed retail shopping to the community.
The Michigan Economic Development Corporation (MEDC) approved the capture of more than $39,559 in state and local taxes through the Michigan Economic Growth Authority to recoup the costs of brownfield cleanup.
"The West Vernor community needs more jobs and more places to shop and this project creates both," Granholm said. "Whenever a community is working to create new jobs and new investment we will be there to help further development."
In her 2004 State of the State address, Governor Granholm announced a focused plan for achieving a powerhouse economy. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 23,344 jobs as a result of targeted assistance provided by the MEDC.
The Detroit redevelopment is one of seven major economic development projects the Governor announced today. In all, they are expected to create or retain a total of 5,987 Michigan jobs, including 3,543 directly by the companies.
"For a relatively small outlay, this project will help improve the quality of life in one of Detroit's neighborhoods," said Don Jakeway, president and CEO of the MEDC. "Michigan's brownfield redevelopment tools are making it possible for communities all around the state to revitalize their business districts and create new opportunity for investment and job creation."
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.