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Redevelopment Projects Receive $42M in State Aid

DETROIT-The Michigan Economic Development Corp. agrees to arrange tax-increment financing for brownfields in three Michigan cities, where more than $350 million in private investment is expected to follow.

By Robert Carr | Updated on December 20, 2002

DETROIT-The state has offered assistance to help redevelop four brownfield sites in Traverse City, Redford and Midland. Two projects in Traverse City received approval for brownfield assistance.

The Dow Chemical Co. received approval for a brownfield Single Business Tax credit for potential plans to redevelop properties at the company’s operations in Midland. The project could result in private investment of up to $245 million. The brownfield Single Business Tax credit approved for this project is valued at up to $24.5 million over a 10-year period.

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