Tuesday, August 15, 2006
Michael Shore, MEDC
Projects Expected to Create and Retain 2,418 Jobs
Governor Jennifer M. Granholm today announced that the Michigan Economic Development Corporation is helping three companies expand their operations and is backing five brownfield redevelopment projects expected to create and retain a total 2,418 jobs and involve $259 million in private investment in communities throughout Michigan.
The eight projects announced today:
- Cadillac Rubber & Plastics Inc.will invest $7.6 million to upgrade its manufacturing facilities in Cadillac and Manton. The project will result in the retention of 1,122 Michigan jobs, including 565 directly by the company. A state Single Business Tax credit worth more than $5.3 million over seven years helped convince the company to choose Michigan over a competing site in Mexico. To support the project, the cities of Cadillac and Manton are considering 12-year tax abatements valued at $62,000 and $46,000, respectively.
- Gestamp US HardTech Inc.will invest $74 million to expand its operations in Mason, including the manufacture of a new line of safety projects. The project is expected to create 348 new jobs, including 150 directly by the company. A Single Business Tax credit worth $2.5 million helped convince the manufacturer to grow in Michigan instead of a competing site in Alabama. The city of Mason is considering a 12-year tax abatement valued at $7.8 million to support the project.
- Martinrea Industries Inc.plans to consolidate its operations in Dexter and Ontario to a new facility in Manchester, resulting in the creation of 429 new jobs, including 197 directly by the company. Martinrea will invest $8.3 million to upgrade and equip the new facility. A Single Business Tax credit worth more than $2.6 million over 11 years helped convince the company to consolidate in Michigan over competing national and international sites. The village of Manchester is considering a 12-year tax abatement valued at $983,000 to support the project.
- MCP Development LLCwill use a $6.8 million brownfield Single Business Tax credit to restore the historic Fort Shelby Hotel designed by notable architect Albert Kahn on West Lafayette near the Central Business District. The first phase entails redevelopment of the first 10 floors as a Doubletree Guest Suites Hotel with 204 rooms and a 38,000-square-foot state-of-the-art managed Conference Center concentrating on groups of 5 to 75 attendees. In the second phase, floors 11 through 21 will be renovated into 63 luxury apartments. The developer will invest more than $68.9 million in the project, which is expected to create 374 new jobs.
- Motown Construction Partners LPwill use a $3.9 million brownfield Single Business Tax credit to redevelop the historic Broderick Tower on Woodward Avenue at Grand Circus Park in Detroit
- Southshore Development LLCwill invest about $50 million to turn a former leather tannery on the shore of White Lake in Whitehall into a residential development with restaurant and marina. The development is taking shape with the help of a $3.5 million in brownfield Single Business Tax credit.
- The city of Dowagiac
- The city of Ferndalewill team with Singer-Wolfson Development Corporation to transform the former Stop and Go automobile service garage on East Nine Mile Road near Woodward Avenue into mixed-use retail space, loft condos and parking. State and local tax capture valued at $141,291 will support the project, which is expected to generate $5.1 million in private investment and create 40 new jobs.
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