Tuesday, December 20, 2005
Michael Shore, MEDC
MEDC Incentives Attract More than $221 Million in Private Investment
Governor Jennifer M. Granholm today announced a company expansion and four brownfield redevelopment projects that are expected to create more than 1,074 jobs and generate more than $221.7 million in private investment in Michigan. The expansion and redevelopments are a result of assistance offered by the Michigan Economic Development Corporation (MEDC).
"The expansion of Hyundai and these great redevelopment projects crown a year of economic development that will bring tens of thousands of jobs to the state and secure jobs in Michigan for many years to come," Granholm said.
The five projects announced today:
- Hyundai-Kia is investing $94 million to expand its existing technical center in Superior Township near Ann Arbor. The project will create 1,014 new jobs, including 600 directly by the company. A Single Business Tax Credit valued at more than $32.6 million helped convince the company to expand in Michigan over Alabama. Superior Township has proposed a tax abatement valued at $12.1 million over 12 years to further support the project.
- Steketee-Van Huis Inc. is expanding its manufacturing facility in Holland. The project is expected to generate more than $4.1 million in private investment and create up to 10 new jobs. The company will utilize state and local tax capture valued at $116,000 and a brownfield Single Business Tax credit valued at $410,000 to demolish existing structures and add a 12,000-square-foot expansion adjacent to its existing facility. The high-end commercial printing and packaging company will invest $4.1 million in the project.
- Cadillac Residences Limited Dividend Housing Association LLC will utilize a brownfield Single business Tax Credit valued at more than $1.4 million to renovate a portion of the former Book-Cadillac Hotel in Detroit. The developer will invest more than $14.6 million to transform floors 24-32 of the 33-story structure into 67 market-rate condominiums.
- Redford Township will use local and state tax capture valued at more than $1.5 million to redevelop a former prep school into a large residential community with 345 units including 180 single-family homes and 155 attached condominiums. The developer will invest approximately $47 million to redevelop the 46-acre property to be known as Shamrock Village.
- The city of Southfield will use more than $4.1 million in local and state tax capture to help redevelop the former Southfield Downs Mobile Home Park. The developer will demolish all of the existing buildings and upgrade utilities to allow for the construction of 10,500 square feet of commercial space, 170 attached condominium units and 57 single-family homes. The $62 million project is expected to create 50 new jobs.
"None of these projects would have happened without the collaborative efforts of local, company and state officials," MEDC President and CEO James Epolito said. "We continue to work diligently with our local partners and business customers to assure the continued vitality of communities and make Michigan's business climate among the most competitive in the world."
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 have announced the creation or retention of more than 65,000 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. For more information on the MEDC's initiatives and programs, visit the Web site at www.michigan.org.
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