Mar 14, 2017
Corporate Redevelopment Plan In Work in Kalamazoo, Mich. Region
Following an announcement by the Michigan Economic Development Corporation (MEDC) in late February that earmarked millions for a Kalamazoo Brownfield Redevelopment Authority project, a state senator heaped praise on the investment in her district.
Currently, the Stryker Corp. is looking to expand operations in Portage with plans to make use of a brownfield site in the area. The announcement of the Michigan Strategic Fund disbursement will bring an extra $7,283,675 million in local and school tax capture, considerably aiding redevelopment efforts.
Once the project is completed, Stryker has projected the expansion of support for its global instruments headquarters should lead to the creation of 105 jobs for the area, along with an investment of around $215 million. The investment from Stryker could well offset the massive tax capture.
The company was also previously awarded a $1 million Michigan Business Development Programs performance-based grant in December 2016.
The announcement made on Mar. 1, was one of many incentives and grants handed out by the MEDC for projects bringing jobs to the state. It was also one of several major Brownfield Tax Increment Financing Program efforts this year. Under that program, local governments are able to continue receiving taxes from a property for the purposes of capturing increased tax revenue from the redevelopment project and turning it around to reimburse and aid developers’ efforts.
Source: The Peninsula (Michigan Business News)
Article tags: emerging trends, Global Green, Global Green Packaging Market, sustainable