Thursday, October 13, 2005
Michael Shore, MEDC
Projects to Create 117 New Jobs, $111 Million in Private Investment
Governor Jennifer M. Granholm today announced the approval of two tax-free Agricultural Processing Renaissance Zones that are expected to create 117 new jobs and $111 million in new private investment. The zones will support the development of a new ethanol production plant in Lenawee County and the expansion of a food processing company in Oceana County.
"These zones will promote both new and traditional Michigan industries, and strengthen the economy and communities in Lenawee and Oceana counties" Granholm said.
Agricultural Processing Renaissance Zones are geographical areas designated as tax-free for eligible agricultural processing companies that plan to build a new facility or significantly improve an existing facility within the zone. The Renaissance Zone program is administered by the Michigan Economic Development Corporation.
The following companies will invest and create jobs in the zones:
Chase Farms, a family-owned and operated food processor since 1964, plans to invest $21 million to expand its operations in Walkerville, located in Colfax Township, Oceana County. The project is expected to create 55 new jobs and $21 million in private investment. The size of the zone is expected to be 80 acres and remain free of state and local taxes for up to 10 years.
Great Lakes Ethanol plans to build a new ethanol processing plant in Adrian in Lenawee County. The project is expected to create 62 new jobs and $55 million in private investment. The zone is expected to be more than 102 acres and remain tax free for up to15 years.
"Agricultural Renaissance Zones have helped create jobs in rural areas throughout the state," MEDC President and CEO James Epolito said. "The benefits of these zones to Michigan's farmers and the overall economy far outweigh the taxes forgone."
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.