[CPEO-BIF] Subsidies for site assessment at Muskegon Mall

["Hersh, Robert" <hersh@WPI.EDU>]

Millions in tax credits entice developers to former Muskegon Mall site

RapidGrowth media
Deborah Johnson Wood
4/26/07

The redevelopment of a two block area in the heart of Muskegon's downtown is
on track to help revitalize the city with new office and retail developments,
pedestrian plazas, outdoor art, and a mass transit hub.

The area-bounded by Second Street on the north, Clay Ave on the east, Third
Street on the south, and Morris Ave on the west-is the southwest end of the
eight-block parcel that was the Muskegon Mall. Now the site is expected to
generate millions of dollars in Brownfield Redevelopment tax incentives.

Several buildings were razed to make way for new construction and new
streets. The remaining buildings are designated as historic buildings. 

"There are some site assessment funds available to help a potential developer
pay for due diligence," said Dan Rinsema-Sybenga, Muskegon Main Street
manager for Muskegon Area First. "Brownfield Small Business Tax credits are
ten percent of the redevelopment costs of a project."

Six of the eight projects within those two blocks have already received site
assessment funds. Western Avenue Properties has received $432,000 in
Brownfield tax credits on a $5.8 million investment to renovate the former
Century Club and two neighboring buildings, said Rinsema-Sybenga. 

For the entire article, see:
http://www.rapidgrowthmedia.com/developmentnews/mass0426.aspx


Bob Hersh
CPEO

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