Tuesday, November 14, 2006
Michael Shore, MEDC
Projects Generate $186 Million in Capital Investment
Governor Jennifer M. Granholm today announced the Michigan Economic Development Corporation (MEDC) is helping a Michigan-born high-tech company expand in St. Joseph. The Michigan State Housing Development Authority (MSHDA) has joined MEDC in backing four brownfield redevelopment projects in Detroit, Buena Vista Township near Saginaw and Grand Rapids. The expansion and redevelopment projects are expected to create and retain a total of 271 jobs and involve more than $186 million in capital investment in the communities.
The 5 projects announced today:
- Edgewater Automation LLC, a supplier of custom automation equipment for assembly and testing for the medical, electronic, automotive, stored power, pharmaceutical and alternative energy industries, plans to invest $1.05 million to expand its operations in St. Joseph. The expansion is expected to create 97 new jobs, including 45 directly by the company. A high-tech Single Business Tax credit valued at $263,000 over five years helped convince the company to grow in Michigan instead of a competing site in Indiana. Cornerstone Alliance, the regional economic development agency for the Benton Harbor-St. Joseph area, will provide the company with a $6,000 annual grant for three years to support the expansion. In 2001, the MEDC approved a Single Business Tax credit to help Edgewater Automation begin operations. Today, the company has grown to over $9 million in sales with 45 employees.
- @water Lofts LLC -Detroit
- Spingarn DevelopmentLLC - A $5.1 million brownfield SBT credit and state and local tax capture valued at more than $5.5 million will be used to redevelop a 2.24-acre site on the Detroit
- Erwin Properties LLCwill use $175,000 in state and local tax capture to support the demolition of a vacant bowling alley to support the construction of a new 3,000-square-foot retail/commercial development on Dixie Highway in Buena VistaTownship.
- Seventh Street Properties LLCwill use state and local tax capture valued at more than $1.5 million to help transform a former furniture manufacturing facility in the city of Grand Rapids
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues.MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
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