The Accident Fund is one step closer to starting
construction on its new headquarters, thanks to state Senate approval of tax
credits and financial incentives. Historic tax credits and
Renaissance Zone designation will help one of the state’s largest insurance
companies turn the old Board of Water and Light building in Downtown Lansing
into its new headquarters.
According to excerpts from the article:
Legislators had excluded banks and insurers from the tax
credit programs when they created a new business tax earlier this year. Authors
of the business tax said the move was an oversight.
Accident Fund Insurance Co. of America wants the credits
for its $182 million plan to renovate the riverfront power plant for a new
headquarters.
Accident Fund, the workers compensation insurer owned by
Detroit's Blue Cross Blue Shield of Michigan, stands to save $45 million in
business and property taxes over 15 years from a Renaissance Zone.
A state historic tax credit for work on the Ottawa Power
Station, which dates to 1940, would result in a one-time tax savings of 5
percent of the project's cost.
Those incentives, along with a host of others, are needed
to make the project affordable, officials have said.
The company has said it plans to add 500 jobs over the
next 12 years. It now employs about 650 people in downtown Lansing.
Read the entire article here.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.