Monday, December 20, 2004
New Renaissance Zone Expected to Bring Jobs and Investment
Governor Jennifer M. Granholm today signed a bill that will allow the Greenville Industrial Park in the city of Greenville to become a tax-free Renaissance Zone, opening up new opportunities for company investments and job creation.
"Greenville is demonstrating to the state and the nation that it is going to be creative and aggressive in helping residents land new job opportunities," Granholm said. "A tax-free Renaissance Zone, combined with the area's highly skilled workforce, will be a catalyst that will bring businesses and job opportunities back to the city and I am pleased to sign legislation that paves the way for that to occur."
Established as an innovative economic development program in 1996, Renaissance Zones are regions of the state set aside as virtually tax-free for any business or resident presently located in or moving to one of the zones. The program comprises 166 zones and sub-zones throughout the state and is administered by the MEDC.
"Renaissance Zones have been extremely effective at attracting investment and jobs to specific locations that face specific economic challenges," MEDC President and CEO Don Jakeway said. "The state of Michigan has made a major commitment and show of support to the Greenville community with this new law."
To date the zones have led to more than $2.1 billion in private investment in over 340 projects and the creation of more than 7,500 new jobs.
Senate Bill 1453, now Public Act 430 of 2004, was supported by the Michigan Economic Development Corporation (MEDC) and amends the Renaissance Zone Act to allow the designation of an additional Rural Renaissance Zone to promote redevelopment of existing industrial facilities. The legislation was signed by the Governor with the expectation that the Renaissance Zone designation will be used to make the Greenville Industrial Park tax-free for up to 15 years.
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.