Tuesday, June 19, 2007
Michael Shore, MEDC
High-Tech and Food Processing Companies Growing in State
Governor Jennifer M. Granholm today announced the Michigan Economic Development Corporation (MEDC) is helping five companies grow in Michigan and is backing two redevelopment projects expected to create and retain a total of 2,868 jobs and involve more than $87.4 million in new capital investment in communities throughout the state.
The seven projects announced today:
- Hitachi Automotive Products (USA) Inc.:The designer and manufacturer of automotive components and systems will expand its Farmington Hills technical center. The project is expected to create 205 new jobs in the community, including 100 directly by the company. A state tax credit valued at $1.3 million over seven years convinced the company to invest in Michigan over a competing site in Kentucky. The city of Farmington Hills has approved a six-year abatement worth $859,000 to support the expansion.
- LMS North America:Troy. The project is expected to create 106 new jobs, 50 of which will be through LMS. A state tax credit valued at $686,000 over seven years allowed LMS to expand their operations in Michigan. In addition, the MEDC will provide up to $25,000 in Economic Development Job Training funding to assist in training new and current employees. The city of Troy has proposed a12-year abatement worth $30,697 to support the expansion.
- Media Genesis Inc.:Royal Oak. The project is expected to create 288 new jobs, including 155 directly by the company. A state tax credit valued at $1.3 million over seven years helped Michigan win the expansionover a competing site in Florida. To support the project, the city of Royal Oak has reduced the established selling price of city-owned property adjacent to the project site by $45,742. The site would be suitable for a company parking lot.More information about the company is available at www.mediaG.com.
- General Mills Operations Inc.: The wholly-owned subsidiary of General Mills Inc., will invest approximately $32 million to expand its Yoplait yogurt plant in Reed City. The project will create 52 new Michigan jobs, including 25 directly by the company. A state tax credit valued at $166,000 over seven years helped convince the company to invest in Michigan. To assist the expansion, the MEDC will make available $500,000 in Community Development Block Grant funding for wastewater treatment plant improvements. Reed City has approved a 12-year abatement worth $5 million to support the project.
- Signa Group Inc., d/b/a Whitehall Industries: The manufacturer of precision, machined and fabricated aluminum extrusions will invest $6.3 million to expand its Ludington and Pere Marquette
- Universal Properties LLCwill utilize state and local tax capture valued at $1.4 million to defray the cost of demolition, lead and asbestos abatement and site preparation at the Universal Mall, making way for construction of 600,000 square feet of new retail and commercial space featuring multiple stores with individual entrances. The project includes the rehabilitation of a 100,000-square-foot anchor building and a 48,000-square foot multiplex theater. The 752,000-square-foot mall on the 56-acre-site at one of Warren
State and local tax capture of $406,825 will be used by developers Founders RE LLCBlue Tiger LLC for renovation and addition of 10,000 square feet to a vacant and blighted 8,500-square foot industrial building in downtown Grand Rapids to be occupied by Founders Brewing Company as a production facility and tasting room. This project replaces the planned construction of a four-story apartment building with parking and office space by developer Moch International and approved for state and local tax capture of $737,690 last June. The Founders Brewing project is expected to preserve 21 jobs and create 16 new jobs on capital investment of $4 million.
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