LANSING – The Michigan Economic Development Corp. today announced Michigan Strategic Fund approval of an $834,800 Michigan Community Revitalization Program incentive for a grocery store expansion in Detroit.
“The expansion of this grocery store will further bring healthy and fresh food offerings to Detroit residents as well as serve as a catalyst for additional positive activity in the area,” said MEDC President and CEO Michael A. Finney. “This expansion is another example of the renewed vitality and growth that we’re seeing every day in Detroit, and we are pleased to support the efforts of the community in making the project a reality.”
NY Jefferson LLC has redeveloped a vacant, former Farmer Jack’s into a modern and expanded grocery store, Parkway Foods. The new location of the existing and established grocery store occupies 47,000 square feet of retail space in the Shops at Jefferson Plaza, located at 11250 E. Jefferson in the City of Detroit. The project will generate a total capital investment of $5.2 million and create 37 jobs, resulting in an $834,800 Michigan Community Revitalization Program performance-based grant. The City of Detroit, through the Detroit Economic Growth Corp., has provided a $200,000 loan in support of the project and Invest Detroit has provided a $225,000 loan through the Urban Retail Loan Fund. In addition, the Detroit Brownfield Redevelopment Authority is evaluating assistance with brownfield tax increment financing.
The Michigan Community Revitalization Program provides grants, loans, or other economic assistance of up to $10 million to projects that will revitalize regional urban areas, act as a catalyst for additional investment in a community, reuse brownfield and/or historic properties and promote mixed use and sustainable development.
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