Tuesday, September 23, 2008
Bridget Beckman, MEDC
(517) 335-4590 email@example.com
Companies investing $95.4 million to grow in Michigan
Governor Jennifer M. Granholm today announced that three companies - Post It Stables (Huron Township), NYX, Inc. (Livonia) and AT&T Internet Services, Inc. (Detroit) -are expanding operations in Wayne County as a result of assistance from the Michigan Economic Development Corporation. Combined, the projects are expected to create 902 new jobs and involve more than $95.4 million in new capital investment. Each company chose Michigan over competing sites in other states.
“Our competitive business climate and outstanding workforce are helping to draw job-creating investments from companies across a vast spectrum of industries,” Granholm said. “These company expansions will create hundreds of high-paying jobs in Wayne County and will help continue to grow and diversify Michigan’s economy.”
The three projects announced today:
- Post It Stables– Post It Stables is investing approximately $72 million over three phases to develop the Pinnacle Race Course in the Pinnacle Aeropark area, south of the Detroit Metropolitan Airport in Huron Township. The project consists of the development of 240 acres of a 320-acre site owned by Wayne County at the corner of Sibley and Vining roads. The race course will feature a one-mile track, grandstands, picnic area, clubhouse, horse barns, and grooms’ quarters and will accommodate as many as 8,000 fans.The project is expected to create 71 jobs directly by Post It Stables and Post It Stables Hospitality LLC. Taking into account other jobs created by others at the race course, the total employment is estimated to be up to 700 during the race season.Based on the MEDC’s recommendation, the Michigan Economic Growth Authority (MEGA) board today approved a state tax credit valued at $982,000 over 10 years. Pinnacle Race Course is the first project approved for a new tax credit for businesses that are tourist attractions or lodging facilities under legislative changes approved by the legislature and signed into law by Governor Granholm. In addition, the company has been approved for a state Brownfield credit valued at $5.3 million. Wayne County is expected to support the project through the issuing of more than $28 million in public infrastructure bonds and $7 million in revenue bonds for on-site infrastructure.
- NYX, Inc. -Theminority-owned market leader in automotive interior and under-hood products and five-time General Motors Supplier of the Year plans to open a new corporate office and technology center, along with a manufacturing operation, in Livonia.The project is expected to create 390 new jobs, including 168 directly by the company. An economic analysis conducted by the MEDC estimates the project will generate an additional 222 indirect jobs. Based on the MEDC’s recommendation, the MEGA board today approved a state tax credit valued at $1.67 million over six years to help convince the company to invest in Michigan over competing sites in Indiana and Tennessee. Livonia plans support the project with a 12-year tax abatement.
- AT&T Internet Services, Inc. –AT&T Internet Services, a subsidiary of AT&T, Inc., plans to build a high-tech call center that will take in-bound calls for High Speed Internet (DSL) customers in need of assistance with their Internet service. The call center will be located in an existing facility in the city of Detroit and is expected to create 300 jobs. An economic analysis conducted by the MEDC estimates the project will generate an additional 110 indirect jobs. Based on the MEDC’s recommendation, the MEGA board today approved a state tax credit valued at more than $1 million over five years to help convince the company to invest in Michigan over competing sites in other states. The city of Detroit plans to support this project with training assistance from the Detroit Workforce Development Department.
“These projects would not have happened without the collaborative efforts of our local community partners helping us make the best businesscase for Michigan,” MEDC President and CEO James C. Epolito said. “Pioneering economic development tools and genuine teamwork were critical in securing these expansions in Michigan.”
The Wayne County projects are three of 18 economic development projects the governor announced today. In all, they are expected to create and retain a total of 21,602 Michigan jobs.
“We want to thank the State for its commitment to the three projects announced for Wayne County,” said Wayne County Executive Robert Ficano. “We have all the confidence that Post It Stables, NYX Inc. and SBC Services, Inc. will generate jobs and significantly stimulate the local and state economy. These are examples of how successful we can be when the public and private sector work together.”
In her 2008 State of the State address, Granholm emphasized the importance of creating opportunity in the changing world of the 21st century. Since January 2005, the Governor and the MEDC have announced the creation or retention of more than 279,000 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.MichiganBusiness.org.