Vehicles fill up an auto scrap yard. Photo via wikimedia.org
The state has approved more than $1 million in brownfield funding for a two-building industrial project in Grand Rapids.
The Michigan Strategic Fund approved last week the funds for the "speculative" project by DEG Development Company, which is expected to generate $12.3 million in investment and create 140 jobs.
DEG Development Company, an affiliate of Grand Rapids-based Visser Brothers and Visser Development, is proposing to construct two new industrial buildings — one 70,150 square feet and one 126,750 square feet — on a 9.3-acre site at 1810 Turner Ave. NW.
The site currently houses an auto salvage yard and a limousine service business.
The state said the Grand Rapids Brownfield Redevelopment Authority and DEG Development Company received approval for local and state tax capture of $1,121,407, including an estimated $563,731 in school tax capture, for MSF-eligible brownfield improvements, including lead and asbestos removal, demolition of existing structures, site preparation, new sidewalks and storm-water infrastructure.
Once completed, the state said the development project is expected to “substantially improve the appearance of the site and area, which has visibility along U.S. 131, just north of downtown Grand Rapids.”