LANSING, Mich. — Senator Margaret O’Brien announced on Tuesday that the cities of Kalamazoo and Portage will see more than $10 million in development money thanks to recently approved state incentives.
“I am excited to see the continued investment of local job providers and these incentives from the state,” said O’Brien, R-Portage. “This money will yield benefits for all of us in these communities.”
In Kalamazoo, 400 Rose, LLC received a $4.4 million Michigan Community Revitalization Program performance-based loan participation for their plans to redevelop vacant land and a surface parking lot located at 400 S. Rose St. downtown.
The completed project, which is expected to generate a total capital investment of $25.5 million and create seven full-time equivalent jobs, will be a four-story, mixed-use infill development that will include residential units, commercial space and parking.
The project will bring much-needed residential space to the area and will reactivate a long-vacant, blighted property into an inviting and attractive community asset. In addition, the City of Kalamazoo Brownfield Redevelopment Authority received Michigan Strategic Fund approval of $3.6 million in local and school tax capture to alleviate brownfield conditions at the site.
Stryker Corporation plans to invest nearly $110 million and create 260 jobs by 2025 at its facility in Portage. As a result, Stryker has been awarded a $2.6 million Michigan Business Development Program performance-based grant.
Michigan was selected over competing sites in other locations, and the city of Portage has offered a 50-percent property tax abatement in support of the project.
“These projects will create good-paying jobs and increase their investment into our community,” O’Brien said. “Thank you to Stryker and Rose LLC for your continued support of Kalamazoo County.”