Wednesday, January 12, 2005
Michael Shore, MEDC
$18.2 Million Investment and 170 Jobs Anticipated
Governor Jennifer M. Granholm today announced that two vacant industrial properties in Holland and Zeeland will be redeveloped with assistance from the Michigan Economic Development Corporation, resulting in the creation and retention of 170 jobs. The two projects are expected to generate more than $18.2 million in private investment.
"This is great news for Holland and Zeeland," Granholm said. "These projects will help turn eyesores into new development that will bring revenue and jobs to these communities."
The following will benefit from a total of $1.7 million in state Single Business Tax credits:
Holland: 16th Street Development LLC will use a tax credit valued at
$1 million to redevelop a vacant, obsolete former industrial property located at 570 East 17th Street. The existing building will be demolished to make way for up to five new buildings designed to house new commercial and retail tenants. The project is expected to generate $11.2 million in private investment and create or retain 150 jobs.
Zeeland: ILH LLC will invest more than $7 million to renovate two existing buildings located at 201 and 233 West Washington in downtown Zeeland for the expansion of Innotec Corporation. A tax credit valued at $700,000 will help transform a three-story, 120-year-old building and an adjacent 48,000-square-foot structure into the new home of Innotec's manufacturing, assembly, engineering and technical services divisions. Expansion of the automotive and office furniture components manufacturer is expected to create 20 new jobs.
"As we work hard to advance our local economy, the strong support and partnership with the MEDC is critical," said Randy Thelen, President of Lakeshore Advantage, which is the regional economic development organization serving the Holland-Zeeland-Saugatuck area. "These two projects are indicative of the results that can be realized by working together."
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. In 2004 the Governor and the MEDC announced the creation or retention of more than 54,000 jobs as a result of targeted assistance provided by the MEDC. Overall during 2004, the Governor announced the creation or retention of some 130,000 jobs by all state agencies.
"Michigan's brownfield redevelopment program has been instrumental in turning untouchable properties into profitable assets for communities across the state," MEDC President and CEO Don Jakeway said. "Reusing these underutilized sites is economically smart because it alleviates blight and preserves the state's valuable green space."
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.