The Central Michigan University Research Corp. has received approval to extend the tax capture for an additional five years for its SmartZone property.
State Treasurer Nick Khouri and Steve Arwood, chief executive officer for the Michigan Economic Development Corp., approved the recommendation by the Local Development Finance Authority and City Commission to extend the tax capture in the SmartZone. A renewed focus in the SmartZone will expand opportunities to generate jobs and investment in the community.
“Obtaining state approval was the final milestone necessary towards the progressing development of the SmartZone land,” said CMU Research Corp. President and CEO Erin Strang. “New efforts are geared towards attracting and solidifying business development and job creation.”
The Mount Pleasant SmartZone land is 300 acres of CMU property ready for commercial development. The close proximity to the university and its partnership with the city of Mount Pleasant provides opportunities for students, faculty and staff to interface with business professionals working in their interrelated fields.
The SmartZone will provide reports for companies created, jobs created and investment to all companies, along with an annual report and regional collaboration.
While plans are still in the works for the land, CMURC is in discussion with potential developers and tenants. Development could come to fruition as soon as spring of 2016. Approximately 900 jobs have been created since its inception through May 2015, with 500 additional jobs projected over the next five years, Strang said.
For more information, visit www.cmurc.com.