Tuesday, December 20, 2005
Michael Shore, MEDC
Company to Revitalize Site, Create 10 Manufacturing Jobs
Governor Jennifer M. Granholm today announced that Steketee-Van Huis (SVH Group) will expand its manufacturing facility in Holland as a result of state brownfield tax incentives approved by the Michigan Economic Development Corporation. The project is expected to generate more than $4.1 million in private investment and create up to 10 new jobs.
"Reclaiming underutilized properties and creating job opportunities are key to transforming our economy for the 21st century," Granholm said. "The redevelopment of this site will make it a valuable asset to this community."
SVH 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.
"This approval now gives SVH Group the opportunity to expand our business and continue to employ more people in our community," SVH President and CEO Ted Etheridge said.
The high-end commercial printing and packaging company will invest $4.1 million in the project.
"Michigan has the most effective brownfield redevelopment program in the nation," MEDC President and CEO James Epolito said. "These incentives will help Steketee address the cost of demolition and expansion, leading to new jobs and revenue for the city."
The expansion is one of five economic development projects the Governor announced today. In all, they are expected to create a total of 1,074 Michigan jobs.
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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