via – MiBiz
An ambitious $80 million project to transform a long-vacant Southwest Michigan paper mill moved a step closer to reality after securing a lucrative state incentive.
The transformational brownfield incentive approved in late July by the Michigan Strategic Fund will provide $30 million in tax capture for Vicksburg-based Paper City Development LLC, which plans to convert the former Lee Paper Mill into a multi-use venue.
The company, which was founded by Vicksburg native Chris Moore, who lives in Seattle and owns software firm Concord Technologies, is only the second to receive the incentive since the state Legislature approved the program in 2017.
Jackie Koney, chief operating officer for Paper City, told MiBiz the approval is a major milestone for the project, which could create an estimated 221 full-time jobs. The company, which submitted a 190-page application for the incentive, has been working on the project for about five years now.
“It’s exciting for a small town to get some recognition,” Koney said. “The word ‘transformational’ is there for a reason. It’s going to have a major impact on the whole region.”