April 13, 2004

Governor Jennifer M. Granholm today announced that the city of East Lansing will benefit from state assistance to help redevelop a blighted site in East Lansing, creating up to 50 new jobs. The Michigan Economic Development Corporation (MEDC) through the Michigan Economic Growth Authority (MEGA) approved the capture of more than
$1.4 million in state and local taxes to help prepare the brownfield site for redevelopment. The project is expected to generate more than $7.8 million in private investment.
 
“This property is in a great location but has remained vacant for years because of the high costs involved to redevelop it,” Granholm said. “Brownfield tools are essential to help our communities meet these costs and make underutilized properties useful again.”
 
In her 2004 State of the State address, Governor Granholm announced a focused seven-point plan for achieving a powerhouse economy. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 5,298 jobs as a result of targeted assistance provided by the MEDC.
 
This project is one of three approved to receive assistance today by the MEDC. Combined, the projects will create or retain a total of 464 jobs for Michigan workers. The other projects involve the expansions of a high-tech company in Livonia and a tool & die company in Bridgman.
 
Strathmore Development Company will use the tax capture approved today to help redevelop the property located at 1427 West Saginaw into a two-story retail office 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,” said 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.
 
“We are tackling brownfields one by one across the state,” said Don Jakeway, president and CEO of the MEDC. “Michigan’s brownfield redevelopment tools make it possible for communities to reclaim these properties and transform them into catalysts for private investment and jobs.”
 
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC’s initiatives and programs, visit the Web site at www.michigan.org.