Tuesday, August 14, 2007
Michael Shore, MEDC
Investment of$7.5 Million in State Creating 516 Jobs
Each company chose Michigan over competing sites in other states.
The three projects announced today:
- Adaptive Materials Inc.: The recognized world leader in the design and development of portable fuel cell technology plans to invest $2.8 million to relocate its R&D operations and pilot production to a larger facility in Pittsfield Township. The project is expected to create 187 new jobs, including 100 directly by the company. A state tax credit valued at $760,000 over seven years helped convince the company to invest and grow in Michigan versus other competing states. Last year, Adaptive Materials was awarded a $6.27 million commercialization loan through the 21st Century Jobs Fund to move its fuel cell system into commercial markets. Pittsfield Township is considering a 12-year abatement worth $41,000 to support the expansion.
- HandyLab Inc.: ThePittsfield Township
- MediaSpan Group Inc.: The leading provider of digital content management and online marketing solutions for over 4000 local media properties plans to invest $1.7 million to relocate its headquarters from North Carolina to Ann Arbor. The project is expected to create 191 new jobs, including 82 directly by the company. A state tax credit valued at $873,000 over seven years helped convince the company to relocate to Michigan over a competing site in Florida. Scio Township has approved a 12-year abatement worth $89,000.
The expansions are three of nine economic development projects the governor announced today. In all, they are expected to create a total of 2,982 Michigan jobs.
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