Tuesday, February 13, 2007
Michael Shore, MEDC
MEDC-Assisted Projects Include $99 Million in Capital Investment
Governor Jennifer M. Granholm today announced four companies are expanding in Michigan with assistance from the Michigan Economic Development Corporation (MEDC) and a downtown redevelopment project in Detroit is being backed by the MEDC with support from the Michigan State Housing Development Authority (MSHDA). In all, the projects are expected to create 1,044 Michigan jobs and involve more than $99 million in new capital investment.
The five projects announced today:
- FEV Engine Technology Inc.will invest $4.3 million to expand its operations in Auburn Hills and create 180 new jobs. A state tax credit valued at $1.1 million over seven years helped convince the company to grow in Michigan over a competing site in South Carolina. To support the expansion, the city of Auburn Hills has proposed a 12-year tax abatement valued at $288,000.
- Landon IP Inc.is investing $3.9 million to open offices in Southfield
- TechSmith Corpwill invest more than $18 million to build a new world headquarters in the Michigan State University Corporate Research Park located within the Lansing Regional SmartZoneSM. The project is expected to create at least 105 new jobs, including 75 or more directly by the company. A state tax credit valued at $1.2 million over 10 years helped convince the company to locate its new headquarters in Michigan over a competing site in Indiana. In addition to making space available within its SmartZone, the city of Lansing has proposed a 12-year tax abatement valued at $693,000 to support the project.
- will invest $35 million to build a state-of-the-art manufacturing plant in Highland ParkThe plant is expected to create 353 new jobs, including 175 directly by the company. A state tax credit valuedat $1.73 million over seven years helped convince the company to invest in Michigan over a competing site in Ohio. The city of Highland Park has proposed a 10-year tax abatement valued at $4.3 million to support the project.
- City of Detroit,teaming with Focus: HOPE, will utilize state and local tax capture valued at $4.9 million for a phased development along Oakman Boulevard just east of the Focus: HOPE campus in Detroit. The project will include a conference and education center, retail stores, development of local park space, replacement of run-down infrastructure and eventual adaptive re-use of the old Michigan Bell buildings. The project is expected to create up to 120 full- and part-time jobs and include $38 million in capital investment.
MEDC President and CEO James C. Epolito said.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
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