Wednesday, December 20, 2006
Michael Shore, MEDC
New Renaissance Zones Promote Industrial Revitalization
Governor Jennifer M. Granholm today announced that Redevelopment Renaissance Zones have been approved for industrial sites owned by Alpinist Endeavors of Walker and Dow Corning of Midland. The tax-free designations will accommodate redevelopment and expansion of existing industrial facilities and extend for 15 years beginning January 1, 2007.
"These new Renaissance Zones will help bring new economic development and high-paying jobs to Walker and Midland," Granholm said. "Strengthening our existing industrial enterprises and providing them with an opportunity to expand in Michigan is an important step in growing Michigan's economy."
The projects announced today:
- Alpinist Endeavorswill work to attract industrial development to the interior of the 45-acre former Lear facility site in Walker in addition to mixed-use and residential facilities as a catalyst to further economic growth in the surrounding area
- The designation of a 475-acre RRZ in Midland owned by Dow Corning will allow the company the option of expanding operations in Midland, allowing the site to be more competitive in attracting investment by its internal businesses that could locate in other states or overseas
"I applaud our lawmakers for their foresight in expanding the original Renaissance Zone statute in answer to contemporary situations that cry out for special accommodation," Michigan Economic Development Corporation President and CEO James C. Epolito said. "City and county leaders are to be commended for utilizing these innovations to preserve existing industrial plant and attract new investment to their communities."
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 152 zones and sub-zones throughout the state and is administered by the MEDC. Specialized Renaissance Zones have been created to meet particular needs. In addition to RRZs, they include agricultural processing, alternative energy and tool and die recovery zones.
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.
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