Tuesday, January 16, 2007
Michael Shore, MEDC
Projects Generate $65 Million in New Capital Investment
Governor Jennifer M. Granholm today announced four companies are expanding in Michigan with assistance from the Michigan Economic Development Corporation (MEDC) and a downtown redevelopment project in Mt. Pleasant is being backed by the MEDC with support from the Michigan State Housing Development Authority (MSHDA). In all, the projects are expected to create and retain 1,790 Michigan jobs and involve more than $65 million in new capital investment.
The five projects announced today:
- Eaton Aeroquip Inc.plans to invest approximately $1 million to consolidate its operations in Jackson
Gentz Aerospace Production LLC, commonly known as Gentz Industries, will undertake a $3.7 million expansion in Warren. The project will create 282 new jobs, including 125 directly by the company. A state tax credit valued at more than $1.08 million over seven years helped convince the company to expand in Michigan over a competing site in Kansas. The city of Warren has proposed a local tax abatement worth $413,000 to support the expansion.
- ParkingCarma Inc.will invest $4.6 million to locate its customer contact center at the Great Lakes Technology Center in Flint. ParkingCarma Inc. was established in 2006 to commercialize the ParkingCarma parking guidance service that allows drivers to secure parking spaces through cell phones, the Internet or next generation on-board navigation systems. The product was developed by Emeryville, Calif.-based ACME Innovation in association with AT&T, Bay Area Regional Transportation, CalTrans, Intel, Microsoft, NavTech, Quixote Corporation, Senses (Siemens) and UC Berkeley.The project will create 155 new jobs, including 110 directly by the company. A state tax credit valued at $979,000 over seven years helped convince the company to choose Michigan instead of competing sites in California and North Carolina.
- Tesla Motors Inc.will invest $47.7 million to locate a new R&D and engineering center in Rochester Hills.
- City of Mt. Pleasant,
MEDC President and CEO James C. Epolito said.
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.