State OKs $30 Million in Brownfield Incentives For $80 Million Vicksburg Mill Redevelopment
via – Crain’s Detroit
Paper City Development LLC is investing $80 million into the rehabilitation of an abandoned historic paper mill in Vicksburg, south of Kalamazoo, that would generate 221 jobs.
The project is being supported by a $30 million multi-layered incentive package through the state’s Transformational Brownfield Plan program, the Michigan Economic Development Corp. said in a news release. The package was approved by the Michigan Strategic Fund on Tuesday.
The mixed-use redevelopment The Mill at Vicksburg is the second project to take advantage of the brownfield incentives, an effort designed to attract businesses and developers to invest in large, catalytic projects.
In May 2018, the MSF’s board approved $618 million in transformational brownfield incentives for $2.14 billion in downtown Detroit construction projects billionaire Dan Gilbert’s companies are building. Gilbert’s projects, which include a skyscraper at the former J.L. Hudson’s department store site, were the first approved for taxpayer incentives under the new brownfield program.