Tuesday, December 07, 2004
Paul Krepps, MEDC
Tax Credits to Help LorAnn Oils Expand, Create and Retain 40 Jobs
Governor Jennifer M. Granholm today announced that the LorAnn Oils in Lansing will renovate and expand its manufacturing facilities thanks to a state tax credit and $100,801 of brownfield incentives from the City of Lansing. The Single Business Tax credit approved by the Michigan Economic Development Corporation (MEDC) will spur more than $900,000 in private investment, and will create and retain up to 40 jobs at the company.
"LorAnn Oils adds to the rich diversity of Lansing's economy and has done so for many years," Granholm said. "We're using these brownfields as tools to revitalize cities across the state to make them attractive to businesses like LorAnn."
LorAnn will use the tax credit valued at $77,800 to rehabilitate and expand its existing facility located at 4518 Aurelius Road in Lansing. The expansion will add 5,800 square feet of new production space as well as a new truck loading dock.
"This is the Lansing Brownfield Redevelopment Authority's twentieth brownfield project," said Lansing Mayor Tony Benavides. "We are rebuilding Lansing and keeping our city the thriving center of the region's economy."
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 44,524 jobs as a result of targeted assistance provided by the MEDC. This includes support for turning contaminated, blighted and functionally obsolete sites into new opportunities for economic development.
"LorAnn's decision is a win for everyone involved," said MEDC President and CEO Don Jakeway. "The project will reuse an existing site and keep well-paying jobs within the city limits."
LorAnn Oils is manufacturer and distributor of premium essential oils and flavorings, was founded in Lansing in 1962 and has operated continuously in the city ever since. The family-owned business serves some 30,000 customers in seven countries.
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.