State will pay portion of vacant property clean up in Fenton - WNEM TV 5

State will pay portion of vacant property clean up in Fenton

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FENTON, MI (WNEM) -

State Representative Joe Graves today said state funds will help clean up a vacant property in downtown Fenton and develop it into a new building site for business and residential use.

Rep. Graves, R-Argentine Township, said the Michigan Economic Development Corporation approved $323,663 in tax increment financing (TIF) for the redevelopment of the blighted property at 102 W. Silver Lake Road. The developer plans to construct a mixed-use building consistent with the character of downtown Fenton, which will create 25 full-time jobs and generate a total investment of $5 million into the local economy.

“Not only will this enhance a blighted area of downtown Fenton, it will result in 25 jobs, a huge investment into the city and a new building,” Graves said. “This is an example of the economic recovery we have nurtured in the Legislature for the past five years, creating an environment in which businesses can grow and jobs are created.”

The developer, 102 West Silver Lake Road LLC, will construct the two- or three-story building once the property is rehabilitated. The Fenton Downtown Development Authority is contributing $350,000 toward the project, and the developer is requesting the Michigan Department of Environmental Quality contribute $244,174 in TIF support for the project.

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