Tuesday, September 20, 2005
Michael Shore, MEDC
$95 Million Project to Create 30 New Jobs
Governor Jennifer M. Granholm today announced the approval of a tax-free Agricultural Processing Renaissance Zone in Marysville to support the construction of the Marysville Ethanol production plant. The company will invest $95 million in the project and create 30 new jobs. The designation of the tax-free Renaissance Zone was approved by the Michigan State Administrative Board today.
This plant will create needed jobs by turning Michigan's abundant agricultural resources into a renewable source of energy," Granholm said. "Developing alternative energy sources is critical to Michigan's future economic success."
Making Michigan a leader in alternative energy technology is a key component of the Governor's Jobs for Michigan Fund initiative, a measure that would provide $2 billion for the development and commercialization of emerging technology in the state. The initiative's goal is to create thousands of new, good-paying jobs for Michigan workers in newer, high-growth industry sectors.
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 42-acre zone for Marysville Ethanol will remain free of state and local taxes for seven years and thus help the facility on its way to profitability.
"Agricultural Renaissance Zones have been instrumental in attracting business and jobs to Michigan's rural areas," MEDC President and CEO James Epolito said. "This plant will benefit Michigan farmers and become a catalyst for the development of additional agricultural products."
Two additional ethanol plants recently broke ground in Barry and Calhoun counties with the assistance of Agricultural Processing Renaissance Zone designations.
Superior Corn Products, a subsidiary of U.S. Bio-Energy Incorporated, is building a new ethanol plant in Woodland Township (Barry County). The $55 million project is expected to create 33 new jobs. The 49-acre zone will remain tax free for nearly 15 years.
The Andersons Corporation is building a 55-million-gallon dry mill fuel ethanol plant in Sheridan Township (Calhoun County) near its existing grain processing facility in Albion. The $70 million project is expected to create 30 new jobs. The 39-acre zone will remain free of state and local taxes for up to 15 years.
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.