The Michigan Economic Development Corporation announced MSF approval of three community revitalization projects, two of which are brownfield redevelopments in the City of Marquette.
The third project is a 13-story building renovation in downtown Grand Rapids. Together, these three projects will generate $225 million in investment and create 194 new jobs.
But the impact on City of Marquette economic development is going to be much bigger because the City’s Brownfield Redevelopment Authority is planning the redevelopment of a 37-acre property by demolishing existing structures and constructing the new regional acute-care DLP Marquette General Hospital and medical office building.
This project will generate a capital investment of at least $170 million, create 150 new jobs and retain 2,300 existing jobs. The Michigan Strategic Fund has approved over $55.76 million in local and school tax capture for the City of Marquette Brownfield Redevelopment Authority.
The other project that received MSF approval is the redevelopment of a brownfield site in Marquette by Liberty Way Hospitality, LLC. The company is redeveloping a blighted industrial baking facility into a mixed-use development that includes space for offices and residential properties, along with restaurant and hotel space.
This is a three-phase project involving a $20.4 million investment and will create 19 jobs. MSF has approved a $4.1 million loan for the project under the Michigan Community Revitalization Program loan for the construction of a second building, extended-stay hotel, residential facility and underground parking.
The City of Marquette is supporting this project with brownfield tax increment financing of more than $7.5 million.
Apart from these three community revitalization projects, the Michigan Economic Development Corporation also announced MSF approval of a bond issue to fund a $50 million grant program to boost skilled trades instruction.
Eighteen community colleges across the state have been selected to receive funding through the Community College Skilled Trades Equipment Program. Announced last year in October, this program aims to provide funding for Michigan community colleges to purchase equipment required for educational programs in high-wage, high-skill and high-demand occupations.
The 18 colleges receiving the CC STEP grants will be coming up with more than $21.5 million in matching funds. The colleges are also required to collaborate with school districts and provide a detailed plan on how the funding will be used to help meet employers’ workforce needs.
Gov. Snyder said in a release announcing the grant awards that this serious investment, one of the largest of its kind in the country, will tap top-notch community colleges in Michigan and help new students and adults looking for new opportunities gain the skills sought by companies looking to grow and expand, creating more and better jobs in Michigan.