Tuesday, February 13, 2007
New World HQ to be Built in MSU Corporate Research Park
Governor Jennifer M. Granholm today announced that TechSmith Corp., currently housed in three separate Okemos locations, will invest more than $18 million to build a new world headquarters in the Michigan State University Corporate Research Park located within the Lansing Regional SmartZoneSM. The project is expected to create at least 105 new jobs, including 75 or more directly by the company. Assistance offered through the Michigan Economic Development Corporation (MEDC) helped convince the company to expand in Michigan instead of a competing site in Indiana.
The announcement was celebrated at an event in Lansing, with MEDC President and CEO James C. Epolito, Lansing Mayor Virg Bernero and TechSmith President William Hamilton among the participants.
According to Epolito, SmartZones provide distinct geographical locations where technology-based firms, entrepreneurs and researchers can locate in close proximity to all of the community assets that will assist in their endeavors.
An economic analysis conducted by the MEDC estimates that increased economic activity created by the expansions will generate an additional 30 indirect Michigan jobs, in addition to the 75 created directly by the company. The project is expected to generate more than $52 million in personal income for Michigan workers over the life of the tax credit.
The TechSmith expansion is one of five economic development projects the Governor announced today. In all, they are expected to create a total of 1,044 Michigan jobs.
www.techsmith.com for more information.
In her 2007 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 167,000 jobs as a result of targeted assistance provided by the MEDC.
(All estimates in 2007 dollars)
|TOTAL JOBS CREATED|
|NET POSITIVE STATE REVENUE IMPACT|
|Average Weekly Wage|
|10-Yr Tax Credit Agreement|
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