Tuesday, April 17, 2007
Michael Shore, MEDC
Companies investing over $167 million in Michigan
Governor Jennifer M. Granholm today announced the Michigan Economic Development Corporation (MEDC) is helping seven companies grow in Michigan and is backing three redevelopment projects expected to create and retain a total of 4,237 jobs and involve more than $167.7 million in new capital investment in communities throughout the state.
The 10 projects announced today:
- Cayman Chemical Company Inc.The manufacturer of biochemical research products will invest $9.7 million in a multi-phase, 40,000-square-foot expansion in Pittsfield Township
- DaimlerChrysler CorporationThe state of Michigan is offering the automaker substantial incentives to locate a new engine plant at the site of the DCX Trenton Engine Plant. The project would retain 1,324 Michigan jobs, including 485 directly by the company. A state tax credit valued at more than $11.2 million over nine years has been offered to help convince the company to invest in Michigan. The city of Trenton is considering local abatements worth $66.9 million up to 12 years to support the project.
- IAV Automotive Engineering Inc. The subsidiary of Germany-based IAV GmbH will invest $18.2 million to relocate and expand its current engineering operation from Ann Arbor to Northville Township. The expansion will create 198 new jobs, including 107 directly by the company. A state tax credit valued at more than $3 million over 12 years helped convince the company to choose Michigan instead of a competing site in Ontario. Northville Township is considering a 12-year abatement worth $1.4 million to support the project.
- Keihin CorporationJapan-based Keihin Corporation, through its North American subsidiary Keihin Indiana Precision Technology Inc. (KIPT), will build a $22-million manufacturing facility in the village of Capac
- Microposite Inc.Thedesigner, developer and manufacturer of advanced composite materials for applications in the construction industry and the oil exploration and transmission industry will invest $7 million to relocate its headquarters from Novi and expand into an existing facility in AuburnHills. A state tax credit valued at $468,000 over five years helped convince the company to expand in Michigan instead of competing sites in Kentucky and Mississippi.The project will create 101 new jobs, including 62 directly by the company. Auburn Hills has approved a three-year tax abatement valued at $129,000 to support the project.
- Seissenschmidt CorporationThe North American subsidiary of Germany-based Seissenschmidt-Group will invest an initial $1.3 million to locate its new North American headquarters at Wurtsmith Air Force Base in Oscoda Township. The project will create 152 new jobs, including 85 directly by the company. A state tax credit valued
- World Alliance Financial Corp. f/k/a Vertical Lend Inc.The rapidly growing provider of financial services specializing in residential and reverse mortgage loans, has chosen Troy
- Tierra Equities LLC/ Ann ArborAnn Arbor. Developer Tierra Equities LLC will demolish the existing building on the site and construct a 26,000-square-foot complex that will include retail and office space and five condominium units. The new development will generate over $9.6 million in new capital investment and create eight new jobs and retain 30. The Ann Arbor Downtown Development Authority has also offered a $281,950 grant to help with infrastructure development related to the project.The project was supported by the Michigan State Housing Development Authority (MSHDA).
- XY LLC/Ann ArborA brownfield Single Business Tax credit valued at more than $8.4 million and state and local tax capture valued at $3.6 million will be utilized to redevelop the former YMCA building in downtown Ann Arbor. The developer will demolish the existing structure and build a new complex that will house 117,000 square feet of commercial and retail space, 100 housing units, and a 205-room hotel with restaurant and banquet facilities. The base of the building will also house a new Ann Arbor Transit Authority bus center. The project is expected to create 700 new jobs and $95.8 million in private investment. The city of Ann Arbor and its downtown development authority are contributing more than $34 million to the project in the form of tax credits, grants and other funding. The project was supported by MSHDA.
- Infinity Companies LLC/Grand RapidsA $282,923 brownfield Single Business Tax credit and state and local tax capture valued at $197,448 will support the redevelopment of the former Loose Leaf Bindery building located at 333-351 Commerce Avenue SW in Grand Rapids. Developer Infinity Companies LLC will renovate and expand the existing structure to include 39 loft apartments and 2,705 square feet of commercial space to include a coffee shop. The project will generate more than $3.3 million in new capital investment and create more than 10 new jobs.
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