December 13, 2011
MIDLAND — The creation of a Stadium District in Midland is one step closer to becoming a reality.
Plans for a massive, modern-looking complex featuring new restaurants, retail shops and office space across from Dow Diamond got a vote of confidence Tuesday as the Michigan Economic Growth Authority awarded the project a $3.5 million tax credit.
A large Michigan Business Tax brownfield credit valued at up to $3.5 million will support the redevelopment of the former McKay Press property, 215 State in downtown Midland.
The vacant building adjacent to the Dow Diamond will be demolished and replaced by a new four story mixed-use commercial, office and retail building, scheduled to be constructed by fall 2013.
Plans for a massive, modern-looking complex featuring new restaurants, retail shops and office space across from Dow Diamond got a vote of confidence Tuesday as the Michigan Economic Growth Authority awarded the project a $3.5 million tax credit.
A large Michigan Business Tax brownfield credit valued at up to $3.5 million will support the redevelopment of the former McKay Press property, 215 State in downtown Midland.
The vacant building adjacent to the Dow Diamond will be demolished and replaced by a new four story mixed-use commercial, office and retail building, scheduled to be constructed by fall 2013.
The project is expected to generate $49 million in new investment and create up to 150 full-time jobs, a release from the Michigan Economic Development Corp. said.
Beginning in January, the $100 million Michigan Business Development and Michigan Community Revitalization Programs will replace the state's previous MEGA, Brownfield and Historic tax credit programs that were features of the Michigan Business Tax that was eliminated under business tax restructuring legislation approved and signed into law by Governor Rick Snyder in May.
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