The project is expected to generate more than $7.8 million in private investment. Strathmore Development Co. will use the tax capture to help redevelop the property located at 1427 W. Saginaw into a two-story office building and one-story retail center. Known as "the Pointe," the 2.7-acre site is located where Grand River and Saginaw intersect at the gateway to East Lansing.
"The MEDC and the city of East Lansing have bent over backwards to assist us in the development of an obsolete site that otherwise would have remained vacant and underutilized," says Strathmore president Scott A. Chappelle. "The state of Michigan is serious about redeveloping contaminated and underutilized urban sites."
The city of East Lansing, through the city's brownfield redevelopment authority, also approved the capture of $485,000 in local taxes for the project.
In Bridgman, ICG Berrien, Inc. will expand its automotive die casting operations in this southwest Michigan community. A Single Business Tax credit offered by the MEDC worth more than $2.3 million over the next 10 years convinced the company to choose Michigan over a competing site in Wisconsin. The expansion will result in the creation of 341 new jobs and an estimated $12.5 million in private investment.
ICG Berrien is a wholly owned subsidiary of ICG Castings, Inc. Formed in 2003, ICG Castings manufactures highly engineered aluminum die cast components primarily for the automotive and appliance industries. The company currently employs 243 people at its Dowagiac facility.
Berrien County has also agreed to provide the company with a $2.5 million loan to support the project.
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