Kathryn Lynch-Morin
December 15, 2011
MIDLAND — Plans to build a new Stadium District in downtown Midland are moving forward with a state stamp of approval: A $3.5 million tax credit.
The Michigan Economic Growth Authority on Tuesday awarded the project a large Michigan Business Tax brownfield credit valued at up to $3.5 million to support the redevelopment of the former McKay Press property, 215 State in downtown Midland.
Lansing Developer Kevin McGraw, who is operating under the name Midland Downtown Partners, said the project would not have moved forward without the tax incentives.
“It’s great to see the state supporting the same things the local community supports,” McGraw said.
The Stadium District project got in just in time. 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, eliminated under business tax restructuring legislation signed into law in May.
The four-story complex will feature restaurants, retail shops and office space across from Dow Diamond.
Selena Tisdale, executive director of the Midland Downtown Development Authority, said she waited with baited breath for months, hoping the project would get the boost it needed from the state.
“We are very excited to have this very strong anchor moving downtown,” Tisdale said. “Not only is it going to galvanize what we already offer, it is going to be a shot in the arm for current business owners and will help new businesses look a little more seriously at the area.”
The Michigan Economic Development Corp. said the project is expected to generate $49 million in new investment and create up to 150 full-time jobs.
McGraw said he hopes to submit site plans to the city by February, with work beginning in July or August. The goal, McGraw said, is to complete the project by fall of 2013.
“We are hoping this will be the first of several phases, and that this becomes a very vibrant live-work-play environment,” McGraw said.
“We are creating a place for people to come, not just to work during the day, but to live and to have a night life as well.”
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