Tuesday, August 30, 2005
Michael Shore, MEDC
GovStealth Medical to Invest $8 Million in Holt Expansion
"Stealth Medical is creating the high-tech manufacturing jobs that make Michigan competitive in today's 21st century economy," Granholm said. "Their commitment to Holt will strengthen its workforce and encourage further investment in the community."
The grant is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant program.
Delhi Charter Township will use the funding to construct a new road, curb, gutter and sidewalks as well as relocate water and sewer lines to accommodate the 51,000-square-foot-expansion of the medical device manufacturer. The township will contribute an additional $300,000 to the project through its Downtown Development Authority.
The Township Board recently approved the creation of a new Industrial Development District that will allow Stealth and other eligible companies within a 42-acre site to take advantage of local tax abatements to encourage new investments and job creation.
"The township board is aware that Stealth had opportunities to relocate elsewhere, and we are excited they chose to remain and expand in Delhi Township," Township Supervisor Stuart Goodrich said. "We are interested in attracting high-tech industry to the community, and Stealth's expansion is a good story to share. In addition to enabling our residents to take advantage of the new jobs created with this expansion, it will also benefit the township and our existing small businesses by enabling Stealth's employees to shop, dine and live in the community."
Based in Holt, Stealth Medical is a leading manufacturer of high-quality custom forgings for the medical device implant industry. The company presently employs about 155 people.
The Michigan Economic Development Corporation administers the state's Community Development Block Grant funds received from the U.S. Department of Housing and Urban Development. These funds are used to provide grants and loans to eligible counties, cities, villages and townships-typically those with populations less than 50,000-for economic development, community development and housing projects. Larger communities receive block grant funds directly from the federal government.
The MEDC is able to award approximately $50 million in federal CDBG funds each year. There are 1,655 local governments within the state eligible to apply for these funds. Projects are approved contingent upon compliance with state and federal requirements.
"This is truly great news for Holt," MEDC President and CEO Don Jakeway said. "The new jobs will trigger increased commerce and continued investment in the community."
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC announced the creation or retention of more than 60,000 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.