The 17-acre parcel has lead and arsenic contamination and is now occupied by old, vacant trailer homes. The bank will use $241,500 in captured brownfield tax funds to help pay for the clean-up. The city of Detroit, through the city's brownfield development authority, will capture more than $152,145 in local property taxes to assist with site preparation. Standard Federal currently has 273 branches around the Midwest.
"Over the past six years, our job-creation tax credits have helped Michigan attract more corporate facilities and expansions than any other state," says Don Jakeway, Michigan Economic Development Corp. president and CEO. "The tax credits and brownfield incentives offered today will help Michigan maintain its position as a leader in automotive R & D and promote the continuing development of our cool cities."
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