A 50-acre parcel in a virtually tax-free Renaissance Zone was transferred to Riverfront Medical Park LLC for $1.00 by the City of Saginaw (9/08). The development group, comprised of two nationally recognized brain surgeons, has agreed to construct a $12 million, 40,000 sq. ft. medical research facility on site. The group has broader plans that include collaboration with multi-specialists group and a tele-medicine center. The group has asked Saginaw Future Inc. to convey its interest in collaborating with other developers/ investment groups that would add momentum and value of the riverfront development. This would include shared use of the land.
A portion of the site is located in a virtually tax-free Renaissance Zone. The site is also eligible for a P.A. 198 tax abatement, Michigan business tax credits through the Michigan Economic Growth Authority (MEGA), Brownfield incentives (tax captures and MBT credits) and potential Economic Development Job Training funds. Incentives are customized depending upon the type/size of a project, and the needs.