State incentivizes redevelopment of former Northville/Plymouth prison
Michigan’s economic engine on Tuesday approved incentives for redevelopment of the former prison site in Northville and Plymouth townships.
The $38.7 million project calls for a nearly 66,000-square-foot commercial flex space development from an affiliate of Novi-based real-estate firm Hillside Investments, a large stormwater retention pond and 9,000-square-feet of infrastructure improvements that include sidewalks, curbs, asphalt paving and landscaping, which is being led by an entity created by the townships. The improvements are part of a larger effort to attract investment on the site of the former Detroit House of Corrections.
The governing body of the Michigan Economic Development Corp. approved a brownfield work plan that includes $15.6 million in state tax captures for 26 years starting with 2021. Local support of the work plan from the Michigan International Technology Center Redevelopment Authority includes $13.9 million in incentives and possibly an Industrial Facilities Tax abatement. An additional $354,000 is being requested from the Department of Environment, Great Lakes and Energy.
“Redevelopment of these properties,” Jeremy Webb, the MEDC’s senior business development project manager, wrote in a memo to the board members of the Michigan Strategic Fund, “is not economically viable without significant brownfield incentive support to help offset the brownfield conditions.”
Posted By: The Detroit News on February 22, 2022. For more information, please click here to read the source article.
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