Tuesday, February 03, 1998
Governor John Engler, along with the Detroit Economic Growth Corp., today welcomed Prestressed Systems investment in Detroit's Renaissance Zone. Today's announcement marks the first Renaissance Zone project for 1998. The Renaissance Zone initiative took effect in January of 1997. During the first year, 54 projects, worth more than $322 million and expected to create some 4,000 jobs, were announced in the 11 designated zones. Prestressed Systems and its subsidiary, Hollowcore Incorporated, are structural precast concrete product manufacturers and installers with over twenty years of experience in the Michigan, Ohio and Ontario construction markets. Prestressed's products include hollowcore stadium sections, double tees, beams, columns, walls, stairs, bridge girders, and floor/roof slabs. Some of the more recent projects in the Detroit area include: Rosa Park School, Wayne State Graduate Housing, Springwell Water Treatment Plant, and Wayne County Juvenile Detention."Prestressed Systems' commitment to Detroit is another step in our effort to allow every part of Michigan to participate in our strong economic recovery. Prestressed Systems is just one example of the many businesses that have realized the benefits of our tax-free Renaissance Zones and I am pleased to welcome them and the new jobs they'll create to Michigan," said Governor Engler.Prestressed's investment in its new Detroit production facility is expected to exceed $1 million. The initial start-up of the facility is expected to create between 20 and 30 jobs, with the potential for 100 new jobs over the next year. Renaissance Zones were designated to spur investment in areas of the state that had struggled to attract jobs. By eliminating virtually all state and local taxes for all businesses and residents located in the zones, Renaissance Zones create a powerful monetary incentive for investment. "By investing in the Renaissance Zone, this company will provide new jobs, new income and new opportunities for Detroit area families. We want to thank Prestressed Systems for choosing Detroit's Renaissance Zone as its home," said Doug Rothwell, CEO and department director of the Michigan Jobs Commission. "It's that kind of faith in the future of this area that has brought Michigan back.""I believe Detroit is entering into a period of unprecedented growth and change that will truly make this metropolitan area one of the best places in the nation to live and visit," said Loris Collavino, President/CEO of Prestressed. "Our new manufacturing facility located in the City of Detroit and within the Renaissance Zone truly shows our dedication to the people and future of the City of Detroit.""The Detroit Economic Growth Corporation is pleased that Prestressed Systems has chosen to take advantage of the tremendous benefits Detroit has to offer: a fully developed transportation infrastructure, a rebounding, expanding and diversified economy, access to the Canadian market, a business culture that is working to drive down the cost of doing business and a well-trained workforce," said C. Beth DunCombe, president of the Detroit Economic Growth Corporation. "We thank Prestressed Systems for their commitment and belief in our city, a 'New City for a New Century.'"Detroit Mayor Dennis Archer agreed. "Prestressed Systems move is further evidence that the city of Detroit is a good place to locate for companies who want a competitive edge in the marketplace. Lower capital cost made available through the Renaissance Zones, make it easier for companies to take advantage of the advanced transportation infrastructure that our city offers."