LANSING — The Michigan Economic Development Corp.
announced Michigan Strategic Fund approval of incentives for
four community improvement projects that are expected to
generate more than $79.5 million in new investments and
create 134 jobs in Michigan.
MSF also approved the official Pure Michigan Travel Guide
be published by an Iowa firm and approved amendments to two contracts for tourism marketing and advertising services.
The MSF-approved projects include two in Grand Rapids,
one in Detroit and one in East Lansing.
* Casamira Detroit LLC got a $1 million Michigan Community
Revitalization Program grant to help redevelop Casamira
Apartments, a 44-unit apartment building on Delaware Street
in the New Center district of Detroit. The completed project
will include 29 market-rate apartments, 15 moderate-income
units and a secured parking lot. The project is expected to
generate a total capital investment of nearly $10.2 million and
create two jobs. Detroit has committed $2.5 million in funding
and has approved an Obsolete Property Tax Abatement in
support of the project. In addition, MSF approved $821,745 in
local and school tax capture for the City of Detroit Brownfield
Redevelopment Authority to alleviate brownfield conditions at
the site.
* The Grand Rapids Brownfield Redevelopment Authority was
awarded $2,569,765 in local and school tax capture to
redevelop 2.8 acres of property on Clancy Avenue NE
between Hastings Street NE and Trowbridge Street NE for
The Gateway project in the city of Grand Rapids. The project
will consist of demolishing all existing buildings and
construction of a three-story apartment building and a
detached cottage-style home. The completed apartment
building will include retail space, 86 residential market-rate
apartments, and a two-level parking ramp. The project will
generate a total capital investment of $18.7 million and create
60 permanent full-time jobs. A 12-year Neighborhood
Enterprise Zone has been approved for a portion of the
project.
MSF also approved an amendment to the Large Urban
Development Area Project Brownfield Project for 20 Monroe
Building Company LP in the city of Grand Rapids. Venue
Tower LLC has a purchase agreement in place and plans to
complete the project in two phases: Phase I is the Bobville
Venue project, which includes construction of a two-story,
36,000 square foot building with adjacent outdoor space for
concerts and festivals at 12 and 26 Monroe Ave. NW. Phase I
will also include a 5,000 square feet addition to the existing
historic building known as The B.O.B. Phase II was not part of
the original project concept, but will include the construction of
a new 12-story building adjacent to the entertainment area that
will house nearly 100 market-rate apartments and amenities
including a workout facility and club room. The project will
generate a total capital investment of $30.7 million, an
increase from the original investment, and create 67 full-time,
permanent jobs. As a result, MSF approved a change in
scope of the original project, added Venue Tower LLC as
qualified taxpayer, and extended time to complete the
projects until Dec. 14, 2018.
* MSF approved an amendment to the East Lansing
Brownfield Redevelopment Authority Act 381 Work Plan to
allow for $3,668,065 in local and school tax capture to be
used for additional improvements to 300 W. Grand River Ave.
in East Lansing. An amendment to a previously approved
Michigan Business Tax Credit and the additional tax increment
financing will allow for a change of scope to the previously
approved Holiday Townhouse project for the completion of
Phase III, The Gateway, a four-story mixed-use building that
will consist of retail, residential and multi-story parking deck.
The project will generate an additional $8.5 million in capital
investment, bringing the total capital investment to $20 million,
and will create five jobs.
The Michigan Strategic Fund also authorized Travel Michigan
to enter into a contract with Iowa-based Meredith Corp. for
Midwest Living magazine to produce, publish and distribute
the official state of Michigan Travel Guide. MSF also
approved contract amendments for McCann Erickson USA
and Weber Shandwick for tourism marketing and advertising
services as well as public relations efforts.
For more on the MEDC and its initiatives, visit
michiganbusiness.org. For Michigan travel news, updates and
information, visit michigan.org. Michigan residents interested
in seeking employment with any of Michigan’s growing
companies should check mitalent.org, where more than
97,000 jobs are currently available in a variety of industries.