Thursday, October 27, 2005
Michael Shore, MEDC
Brownfield Tax Credits Help Attract $4 Million Manufacturing Facility
Governor Jennifer M. Granholm announced today that a vacant property in Fowlerville will be the site of a new American Compounding Specialties LLC manufacturing facility. The project is expected to create 20 new jobs through more than $4 million in private investment and a brownfield Single Business Tax credit from the Michigan Economic Development Corporation.
"This is a great opportunity for Fowlerville to reclaim an underutilized property to make it profitable again and create jobs," Granholm said. "We welcome the addition of American Compounding to the list of advanced manufacturing companies doing business in Michigan."
American Compounding, a start-up contract manufacturer of thermoplastics for the Plastic and chemical industries, will use a $250,000 brownfield tax credit with its own investment of more than $4 million to build a 17,500-square-foot manufacturing plant on the cleaned-up site at 200 Veterans Drive. The village of Fowlerville has also approved a local tax abatement valued at $600,000 over 12 years to support the project.
"The State of Michigan, the Economic Development Council of Livingston County and the village of Fowlerville are all working hard to attract and retain business at a critical time for our state," Randy Rudisill, co-owner of American Compounding said. "The use of unconventional tools, such as a brownfield tax credits, shows the resourcefulness and commitment of these organizations to improve our state's economy."
"Brownfield redevelopment credits have helped communities across the state address the problem of reclaiming challenging properties and restoring them to the tax rolls," MEDC President and CEO James Epolito said. "I commend Fowlerville for establishing a brownfield authority and coming forward with additional tax incentives to make this project a reality."
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005, the Governor and the MEDC announced the creation or retention of more than 63,000 jobs as a result of targeted assistance provided by the MEDC.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.