Tuesday, October 16, 2007
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Companies Investing More than $1.56 Billion to Grow in State
Governor Jennifer M. Granholm today announced the Michigan Economic Development Corporation (MEDC) is helping four companies grow in Michigan and is backing a community redevelopment project in Detroit. Combined, the projects are expected to create a total of 1,639 jobs and involve more than $1.56 billion in new capital investment in communities throughout the state.
The four projects announced today:
- Camshaft Machine CompanyColdwater.
- venerable Tiger Stadium
- Marathon Petroleum CompanyDetroit
- NEAPCO Driveline LLC: ThePennsylvania-based drivetrain developer and manufacturer will invest $29.4 million in a new operations facility in Van Buren Township. The project is expected to create 1,007 new jobs, including 285 directly by the company. A state tax credit valued at more than $4.5 million over seven years helped win the new facility over a competing site in Nebraska. Van Buren Township has proposed an 11-year abatement worth an estimated $244,000 to support the project.
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