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The article focuses on the Michigan Economic Growth Authority (MEGA) tax credits in 2009 and the cuts in these credits in 2010. A new version of a bill, adopted by the U.S. Senate Finance Committee, gives Michigan more MEGA credits in 2009. It is reported that in 2010 and beyond, the MEGA program would have fewer credits. Richard Barr of Honigman Miller Schwartz & Cohn LLP, says that this means that the Michigan Economic Development Corp. (MEDC) approve fewer projects and may be more selective.

The article reports that the state of Michigan will make up to $850,000 in brownfield tax credits available for an $8.5 million private effort to redevelop a section of downtown Saline's main street. According to the report, SRV Ventures LLC intends to develop three buildings on 1.45 acres site along the state's west area between Lewis and Ann Arbor streets and build a multistory, mixed-use development to include a restaurant, coffee shop, specialty grocery and wellness center.

This article reports that two local brownfield projects have been awarded single-business-tax credits by the Michigan Economic Development Corp. Russell Street Development LLC plans to use $117,000 in tax credits to renovate two buildings on Russell and Adelaide-Winder streets in Detroit's Eastern Market into a restaurant, a small banquet area and a larger banquet hall totaling 20,800 square feet. The project is expected to create between 40 and 50 jobs. In Wyandotte, Labadie Park LLC will use a tax credit valued at $1 million to redevelop the 7.5-acre former McCord Manufacturing site into a mixed-use residential neighborhood with 92 townhouses, terrace apartments, and single- family homes.

The article reports that the Wayne County-Detroit Community Development Entity Inc. has approved its first two New Market Tax Credit projects from the $27 million federal allocation of 2004, paving the way for approval of $150 million more this spring. County Executive Robert Ficano said $5.4 million in credits are going to the Mexicantown Mercado, Plaza and Welcome Center in Detroit and $2 million toward construction of a production plant for Hamtramck based 18th Street Deli Inc. Wayne County is the only Michigan municipality to receive these tax-credit approvals from the U.S. Department of Treasury.

The article presents information on the approval of 5.6 million dollars brownfield single-business-tax credit for redevelopment of the former General Motors Corp., Argonaut Building in the New Center area of Detroit, Michigan. General Motors sold the 11-story office structure to Orton Development Inc. Orton subsidiary Midway Corporate Plaza LLC will use the tax credit along with 64 million dollars in private investment to create a mixed-use development of residential lofts, office and retail space.

Wayne County, Michigan has qualified for $27 million in federal tax credits to encourage private investment in economically distressed areas. The program is to provide New Market Tax Credits over seven years in 17 Wayne County communities, including Detroit, Highland Park and Hamtramck, Wayne County executive Robert Ficano announced on May 7. Both low-interest loans and equity investments will be available to finance projects that might not otherwise be undertaken, he said. An agency called the Wayne County-Detroit Community Development Entity Inc. was formed by the city, county and banks to make the money available, Ficano said.