LANSING, Mich. — State Senator Margaret O’Brien on Wednesday applauded a Michigan Strategic Fund (MSF) announcement approving a Kalamazoo Brownfield Redevelopment Authority project.
The project, worth $7,283,675 in local and school tax capture, will help alleviate brownfield conditions at an expansion site for Stryker Corporation in Portage and make it suitable for redevelopment and to protect human health and the environment. Without brownfield tax increment reimbursement, the cost burden related to brownfield conditions would make the project difficult to complete.
“Stryker has been a key employer in our community for many generations,” said O’Brien, R-Portage. “The company is a valued asset, and I appreciate their commitment to improving lives.”
Stryker is expanding its operations to support its global instruments headquarters. According to the MSF, the tax capture will be used for site preparation and infrastructure improvements.
The fund said the company was previously awarded a $1 million Michigan Business Development Program performance-based grant last December for the project, which is expected to create 105 jobs. The total investment amount for the project is an estimated $215 million.
Michigan Economic Development Corporation community development staff provide administrative support for redevelopment incentives awarded by the MSF under the Brownfield Tax Increment Financing Program. It allows a local governmental unit to continue to receive the existing taxes on the property, capture the increased tax revenue resulting from a redevelopment project, and use that incremental tax capture to reimburse the developer to help offset the costs of environmental and non-environmental eligible activities.