Tax Credit To Create Holland Jobs
The same kind of credits, the governor’s office announced, also will help with redevelopment of similar brownfield sites in Cadillac and Detroit.
The governor’s office said said the tax credits will help spur more than $21 million in private investment, creating more new jobs in the state.
In Holland, MEDC said a tax credit valued at $1 million will facilitate reconfiguration of the 393,000-square-foot Life Savers plant to accommodate up to six self-contained spaces for lease to industrial or manufacturing-related operations.
The project also received approval last January through the MEDC to capture nearly $900,000 in state and local taxes for demolition and asbestos abatement in the 37-year-old plant.
MEDC said the total $2 million brownfield tax credit in Holland, Cadillac and Detroit is expected to create more than $10.8 million in private investment and hundreds of new jobs.
“The value gained by redeveloping brownfield sites cannot be overstated,” Granholm said. “Turning around blighted properties that were once thought too costly to redevelop will bring the economic development and jobs we need in Michigan.”
In her state of the state address this year, Granholm announced such credits as part of a seven-point plan for economic growth.
She and MEDC claimed targeted assistance is creating or retaining about 23,500 jobs, part of them by turning polluted sites into new opportunities for economic development.
Don Jakeway, MEDC’s president and CEO, released a statement saying, “Michigan’s brownfield redevelopment program has helped countless Michigan communities turn abandoned, blighted and often tax-reverted properties into assets.
“These credits will create housing and job opportunities and help attract new investment for many years to come.”
The other credits in the announcements were designated for:
Cadillac — a $620,850 credit to help redevelop the one-acre site of the former Kraft Creamery into a 20-unit condominium.
The property, vacant since the original buildings were demolished in 1988, is expected to receive more than $6.2 million in private investment. The city has approved an additional $228,000 in grants to provide infrastructure improvements and prepare the property for redevelopment.
Detroit — a $391,127 credit to transform blighted, tax-reverted property in southwest Detroit less than 500 feet from the Ambassador Bridge.
The redevelopment will house the State of Michigan International Welcome Center and a small business incubator. The project is expected to create more than $3.9 million in private investment and 63 new jobs.