Tuesday, March 14, 2006
Michael Shore, MEDC
MEDC Incentives Attract More Than $51.2 Million in Private Investment
Governor Jennifer M. Granholm today announced two company expansions and four brownfield redevelopment projects are expected to create 1,006 new jobs and generate more than $51.2 million in private investment in communities throughout Michigan. The expansions and redevelopments are a result of assistance provided by the Michigan Economic Development Corporation (MEDC.
The six projects announced today:
- The city of Detroit
- The city of Grand Rapids
- The city of East Lansing
- Marisa Industries Inc. will expand its manufacturing operations in Auburn Hills creating 372 new jobs, including 223 directly by the company. A Single Business Tax credit valued at more than $2.2 million over nine years convinced the company to invest $14.4 million in Michigan over a competing site in Kentucky. The city of Auburn Hills has proposed a six-year tax abatement valued at $36,000 for the first year to support the project. Marisa and its subsidiary BAE Industries Inc. supply and design metal stampings and mechanisms including seat, door and trunk latches for the auto industry.
- The city of Owosso will team with Robbins Loft LLC to redevelop the former Robbins Furniture store and warehouse using state and local tax capture valued at $312,573. The former furniture showroom building located on Main Street will be renovated to include retail and office space on the first two floors and deluxe loft apartments on the third floor.The former warehouse on Robbins Street will house apartments and a prospective health and fitness club. The $1.8 million project will create 29 new jobs.
- Surefil LLC
In her 2006 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 69,000 jobs as a result of targeted assistance provided by the MEDC.
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