Michigan State University FCU Seeks Tax Break For Branch Rehab
LANSING, Mich. — Michigan State University Financial CU has applied to the city for several tax incentives under an Obsolete Property Rehabilitation incentive for its new downtown branch at the site of the former Dimitri's Restaurant.
The credit union, which plans to spend $3.5 million to renovate the old restaurant into a branch, could have its property taxes frozen for up to 12 years under the rehab tax incentive.
An inspection found rotting floor joists, water damage and that the building does not comply with the Americans with Disabilities Act. It also found that heating and electrical systems need to be replaced, credit union officials said.
The credit union is spending $600,000 to buy the 14,100-square-foot building and $2.9 million on extensive renovations on the building, which had been a Dmitri's restaurant until the businesses closing last week.