"Brownfield sites often present costly roadblocks to progressive development in communities large and small throughout the state" Michigan Gov. Jennifer Granholm said. "These credits will help finance the reuse of underutilized properties, transforming them into magnets for future economic development." A total of approximately $3.7 million in brownfield SBT credits were awarded to benefit the projects, some of which include:
• Artspace Projects Inc., Jackson, will use a credit valued at $1 million to rehabilitate a vacant, contaminated industrial complex adjacent to the Jackson Armory. Artspace plans to transform the structure into 36 live-and-work loft apartments targeted toward artists and low-income tenants. The project will spur more than $10 million in private investment.
• B/K/G LLC, Lansing, plans to rehabilitate the former Boys Training School located near the intersection of Marshall and Saginaw Streets on the city's East side. The long-vacant and contaminated site will be redeveloped into 183 units of owner-occupied, single-family housing. B/K/G is expected to invest more than $19.5 million in the project. A credit valued at $1 million will help facilitate the renovation.
• Daisy at Plymouth LLC Plymouth, will redevelop the former Daisy Air Rifle manufacturing facility using a $1 million credit. Daisy plans to renovate a 60,000 sf portion of the original facility into residential lofts and construct an additional 19 detached, residential condominiums. The developer will invest more than $11 million in the project.
• Custer Office Environments, Grand Rapids, will use a $250,000 credit to help redevelop an abandoned building located at 217 Grandville Avenue near downtown Grand Rapids into a new headquarters and showroom facility. The company plans to invest $2.5 million in the project.
Other credits in other parts of the state have been given to Convenant Capital Inc.; Cedar Jolly Properties; Cinderlla Inc.; Fifth/Third Bank; and Flagstar Bank.The administrative process for awarding brownfield credits involving projects with $10 million or less in private investment was recently transferred from the Michigan Department of Treasury to the MEDC. Prior to January 5, 2004, the MEDC had authority only to grant brownfield SBT credits for projects involving more than $10 million in private investment. Treasury processed the smaller requests on a first-come-first-served basis.
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