LANSING – State Representative Roy Schmidt (D-Grand Rapids) today praised the awarding of $10.4 million in tax incentives to three companies that will transform blighted and abandoned sites into centers of economic growth in an effort to create good-paying jobs and boost Michigan's economy.
"Simply put, Brownfields are not a friendly sight for any community," Schmidt said. "We need to do all we can to make Grand Rapids and communities across the state more welcoming for residents and businesses. Redeveloping run-down and vacant properties into retail space and housing will play a major part in improving our community. This investment is great news for Grand Rapids."
The Michigan Economic Growth Authority (MEGA) today approved $10.4 million in tax credits to brownfield redevelopment projects in Grand Rapids, Flint and St. Joseph. Together, the three projects are expected to generate more than $75 million in new investments across the state.
MEGA awarded a Brownfield tax credit valued at $4.6 million to the Meridian Building Co., which will support the transformation of a parking on Fulton Street East in Grand Rapids into a 10-story, mixed-use retail and residential development. The project, which will include 105 apartments and a parking deck, is expected to generate more than $26 million in new investment.
"Not only will new apartments and retail shops continue our efforts to beautify Grand Rapids, but this investment also will create jobs and spur economic development," Schmidt said. "Revitalizing part of East Fulton Street will stimulate our economy and show developers that Grand Rapids is a great place to do business. This investment in our city will help boost our economy now as we continue to work to get Grand Rapids and all of Michigan back on track."