Michigan Strategic Fund provides $1.95 million loan for HighPoint Flats, Muskegon apartment construction to begin | MLive.com
"The redevelopment district allows for new property taxes for the apartment building to be captured in support of the project. Rooks’ Parkland Muskegon Inc. would receive up to $750,000 from the brownfield tax increment fund by 2030 to pay back the state loan, city officials have said.
“My hope is that this will spur additional development in downtown Muskegon,” Rooks said after the state approval. “And I hope that we are able to show demand for market-rate housing that we know exists in downtown Muskegon.”
The Parkland state loan for HighPoint Flats was part of a $6 million outlay approved by the Michigan Strategic Fund Board on Wednesday afternoon in Lansing. The HighPoint Flats loan came from the Michigan Community Revitalization program.
The $6 million in state assistance went to HighPoint Flats and seven other business expansions totaling $95.8 million in new capital investments that will create an estimated 789 new jobs. The Parkland development is expected to create two new jobs beyond the construction employment it will generate."