Tuesday, September 14, 2004
Paul Krepps, MEDC
State Assistance Spurs Company Expansions and Brownfield Revitalization
Governor Jennifer M. Granholm today announced eight major economic development projects that are expected to create almost 4,000 Michigan jobs as a result of assistance offered by the Michigan Economic Development Corporation (MEDC).
The projects include company expansions and brownfield redevelopment projects as well as two new corporate headquarters locations.
The projects announced today are expected to create a total of 3,909 jobs, including 2,029 directly by the companies and redevelopments. According to economic analyses performed by the University of Michigan, an additional 1,880 indirect jobs are expected to result from increased economic activity associated with the company expansions.
Atlantic Automotive Components, LLC, Benton Harbor: This leading manufacturer of auto interior plastic components will invest $21.8 million to expand its existing facility in Benton Harbor. A Single Business Tax (SBT) credit valued at $707,000 helped convince the company to choose Michigan over a competing site in Indiana. The project will create up to162 new jobs, including 71 directly by the company. Atlantic is a limited liability corporation 70 percent owned by Michigan-based Visteon. Atlantic employs approximately 383 employees at its two Benton Harbor locations.
Ceradyne, Inc., Wixom: This California-based developer and world-wide manufacturer of advanced ceramic materials used in defense, auto and health care applications will open a new state-of-the-art commercial and military vehicle armoring research and development center in Wixom. An SBT credit valued at more than $946,000 convinced the company to locate the center in Michigan instead of Lexington, Kentucky. The company plans to invest $2.7 million in the project, which is expected to create a total of 69 jobs, including 52 directly by Ceradyne.
Mobius Microsystems, Inc., Detroit: An emerging leader in analog and mixed-signal semiconductor intellectual property solutions, Mobius plans to establish its headquarters in downtown Detroit instead of Columbus, Ohio, as a result of an SBT credit valued at more than $4.3 million. The Ann Arbor-based company plans to invest a total of $12 million in the project, which is expected to create a total of 1,594 jobs, including 500 directly by the company.
Nicholas Plastics, Allendale Township: The diversified manufacturer of automotive plastics products plans to invest $18 million to expand in Allendale Township. An SBT credit valued at more than $3.7 million helped convince Nicholas to construct a 120,000-square-foot addition to their existing facility rather than at a competing site in Mexico. The project is expected to create 364 new jobs, including 250 manufacturing jobs directly by the company within five years.
Saturn Electronics & Engineering, Inc., Coopersville: The high-tech company plans to expand its Coopersville facility to support the research, design, development and manufacture of advanced electro-hydraulic control devices (solenoids). An SBT credit valued at more than $1.6 million helped convince Saturn to expand in Coopersville over a competing site in Mexico. Based in Auburn Hills, the company plans to invest at least $10 million in the project, which is expected to create 247 new jobs, including 124 directly by the company.
Lear Corporation, Southfield: Lear will redevelop approximately 11 acres adjacent to its existing 25-acre site along the west side of Telegraph Road between Eight and Nine Mile roads into an expanded corporate headquarters complex. The $70 million project will benefit from state and local brownfield tax capture valued at more than $7.2 million as well as a brownfield SBT credit valued at more than $4.8 million. The new headquarters is expected to create 200 new jobs and retain 125 at another Southfield location.
Strathmore Development Company through affiliate Lower Town Development Group, LLC/Broadway Village, Ann Arbor: The developer plans to utilize state and local tax capture valued at more than $66.3 million to revitalize a currently underutilized and environmentally contaminated site located along the 1100 block of Broadway in Ann Arbor. The 6.4-acre mixed-use development, known as Broadway Village, will include medical office space, 145 apartments as well as retail shops, parking facilities and a proposed pub and restaurant. Lower Town Development is expected to invest $148 million in the project, which is expected to create 582 jobs.
"The fact that many of these projects will create high-tech, high-wage jobs is an indication that our economic development initiatives are working," said MEDC President and CEO Don Jakeway. "Michigan's economy has proven that it can grow beyond recent challenges and keep its reputation as a global contender."
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 29,005 jobs as a result of targeted assistance provided by the MEDC.
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.