State Boosts GH Development
The approval from the Michigan Economic Development Corp. for tax-increment financing will enable the city of Grand Haven to capture up to $10.4 million in local property tax revenues to offset the cost of building a waterfront boardwalk and installing roads and sewer and water utilities at the 19-acre site, located along the Grand River and to the west of U.S. 31.
The redevelopment, known as GrandWater, is expected to draw private investment of up to $50 million.
“Redeveloping underutilized or contaminated sites is an expensive undertaking for already cash-strapped communities,” Gov. Jennifer Granholm said. “Once reclaimed, these problem properties will become catalysts for job creation and investment.”
The city envisions turning the site into a new commercial and residential neighborhood along the northern entrance to Grand Haven and is presently seeking a single developer to redevelop the entire 19 acres or developers who will do portions of the property.