[CPEO-BIF] Michigan's use of BF redevelopment credits

[bobh@np.craigslist.org]

Brownfield Redevelopments in Grand Rapids, Ingham County, Owosso Create up to 165
Jobs and $18.3 Million in Private Investment

August 14, 2007

Governor Jennifer M. Granholm today announced plans for three major redevelopment
projects in Grand Rapids, Owosso and Ingham County that will generate $18.3 million
in new investment and up to 165 new jobs. The projects will benefit from assistance
provided by the Michigan Economic Development Corporation and the Michigan State
Housing Development Authority.

City of Grand Rapids: State and local tax capture valued at $554,550 will support
the construction of new commercial building in downtown Grand Rapids to include a
two-story parking deck and 46,000-square-feet of office space. Developer Front
Street Properties LLC will redevelop contaminated property located at 678 Front
Avenue which is expected to create up to 75 new jobs and $10.3 million in private
investment. MSHDA partnered with the MEDC to support this project.

...?Brownfield redevelopment credits are among the best tools we have to encourage
investment in Michigan communities,? MEDC President and CEO James C. Epolito said.
?Cleaning up blighted and contaminated properties, turning them into community
assets and creating jobs is a winning combination for everyone.?

For the entire article, see:
http://www.michigan.org/medc/news/combo.asp?ContentId=EBF86D35-B7A4-4A05-B83C-9410725B7C91

Bob Hersh
CPEO

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