Redevelopment project approved for abandoned Vicksburg mill
VICKSBURG, Mich. — An abandoned historic paper mill in Vicksburg is expected see some major changes. Village leaders said they expect a recently announced redevelopment project to create hundred of jobs.
The Michigan Economic Development Corporation (MEDC) announced Tuesday, July 23 that the mill will transform into a mixed-use development.
The entire project is expected to generate a total private investment of nearly $80 million and create 221 permanent, full-time equivalent jobs.
The Michigan Strategic Fund (MSF) approved a the Transformational Brownfield Plan that authorizes several sources of tax capture in support of the project. The entire package is valued at $30 million.
MEDC officials said the Transformational Brownfield Plan program supported the project in an effort to attract businesses, developers and residents to Michigan.
Incentives for the project were based on an independent, third-party analysis conducted by the University of Michigan Research Seminar in Quantitative Economics and W.E. Upjohn Institute for Employment Research.
Based on the findings, the MSF board approved the $30 million, multilayered incentive package that includes:
- Local and school property tax capture in the amount of $19,855,332
- A maximum of $738,521 in construction period withholding tax capture revenues
- A maximum of $1,491,852 in construction period sales and use tax exemptions
- A maximum of $7,988,721 in income tax capture revenues and withholding tax capture revenues (post-construction)
Officials said the project is expected to include hotel and residential space, incubator space for microbreweries, a beer garden, demo gardens, public green space and more.
The historic mill began operation in the early 1900’s. Paper products were produced at the mill and multiple owners continued operations until the mill’s closure in 2001.
