Urban Renewal #1

The building was built in 1927 and served as a warehouse for a grocery chain. It's been empty for many years, moving through various hands of developers. Grand Valley State University has now purchased it for their new School of Business.

The University was awarded "brownfield" tax credits of 8 million dollars. The credits are awarded to those who agree to re-develop contaminated or functionally obsolete properties.

Here's the tricky part. As a state-owned university, the school doesn't pay taxes and, therefore, would be ineligible for tax credits. So they formed a for-profit holding company that will keep the project on the tax rolls (for a while), and also be able to take the tax credits. It's fascinating how government works.

This relic will be torn down, and no one will be unhappy to see it replaced by a new building.

Old Entrance