Excerpts from the article:
The article quotes Gov. Granholm as saying: “When we conserve valuable green space, we renew our cities and strengthen both our economy and our environment. These developments will transform eyesores into opportunities for housing, jobs, and better quality of life in Detroit.”
For Detroit, Morgan Development LLC will invest $45 million in the project. The developer will use state and local tax capture valued at more than $7.5 million and a brownfield single business tax credit valued at more than $3.9 million to help redevelop the former Laro Coal site in Southeast Detroit.
The 44-acre riverfront property will be redeveloped to accommodate 43 single-family homes and 92 attached low-rise condominiums.
“Urban brownfields are often passed over by developers for years because of the costs and liability involved in redeveloping them,” says Michigan Economic Development Corp. president and CEO James Epolito. “These targeted tax incentives can literally transform neighborhoods across the state as they create new housing, business and job opportunities in the hearts of our communities.”
Read the full story here: Michigan Economic Development Corporation
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