Three properties in Traverse City and Interlochen may soon be redeveloped with the help of an incentive from the
Michigan Economic Growth Authority board.
The
Grand Traverse County Land Bank, which deals with abandoned, foreclosed and blighted properties, was approved to use state and local tax monies to get the three properties ready for sale. The money, $50,537, will go to infrastructure improvements, site preparation, demolition and lead and asbestos abatement.
The project is estimated to bring in $450,000 in new investments into the area when the properties are sold.
The MEGA board also approved other incentives across the state, totaling up to $602 million in new investments. Those included projects in the Upper Peninsula, Grand Rapids, Novi, Troy, Dearborn, Howell, Bloomfield Hills, Holland, and Charlotte.
Michael Finney, president and CEO of the Michigan Economic Development Corporation, praises the diversity of the various projects.
"These new investments underscore once more Michigan's tremendous talent and the continued growth of core sectors," says Finney.
To get the incentives, the companies had to meet performance requirements regarding their investments and hiring. For the Grand Traverse County project, the tax incentive was given under a brownfield redevelopment statute to support new business expansion on contaminated, blighted or obsolete properties.
Writer: Sam EgglestonSource: Michael Finney, Michigan Economic Development Corporation
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