The Acheson Ventures Desmond Landing project in Port Huron received approval for brownfield tax increment financing and a Single Business Tax credit totaling up to $8.2 million to help redevelop a blightedwaterfront area.
The project is expected to generate nearly $100 million in private investment, state officials believe. A mixed-use development is planned on the 50-acre site that will include residential, retail, corporate business and recreational elements.
The development is expected to include the headquarters of SEMCO Energy, an educational maritime center featuring marine themed public open space and a pedestrian mall.
Brownfield tax increment financing will be used to improve thegeneral infrastructure of the site including sidewalks, gutters and storm and sanitary sewers to support the new development.
The Single Business Tax credit will assist with the construction of a 100,000-sf headquarters building for SEMCO and a portion of a parking deck.
The Carver Homes Subdivision brownfield redevelopment project inInkster was approved to receive the benefits of brownfield tax increment financing totaling more than $4.3 million.
About $15 million in private investment will be made in this new development. The financing will primarily be used to prepare the neighborhood for redevelopment.
The site preparation activities will include infrastructure removal and replacement and the demolition of existing multifamily structures. The neighborhood has long been in disrepair and lacks the sufficient infrastructure to support development, local officials claim.
The property was originally developed during World War II to fill the low-income, short-term housing needs of the large influx of workers who supplied labor for the war effort.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.