Wednesday, July 19, 2006
Michael Shore, MEDC
Projects Expected to Create and Retain 1,666 Jobs
Governor Jennifer M. Granholm today announced that the state is helping four companies expand their operations and is investing in three brownfield redevelopment projects which are expected to create and retain 1,666 jobs and generate $74 million in private investment in communities throughout Michigan. The expansions and redevelopments are a result of assistance provided by the Michigan Economic Development Corporation.
The seven projects announced today:
Albemarle Corporationis proposing to invest approximately $32 million to acquire, upgrade and continue operations at the DSM Pharma Chemicals North America facility in South Haven, resulting in the creation and retention of 404 jobs including 139 directly by the company. A state Single Business Tax credit valued at more than $4.1 million over 11 years helped convince the global supplier of specialty chemicals to invest in Michigan. The city of South Haven has proposed a comprehensive incentive package to support the project. The package includes a 12-year, $193,944 tax abatement, a carry-over of abatements previously awarded to DSM and a commitment to develop an alternative power generation source to reduce electric utility costs.
Alphi Manufacturing Inc.
AVL Powertrain Engineering Inc.will invest $2.9 million in a new engineering technical center in Plymouth Township. The project is expected to create 157 new jobs, including 125 directly by the company. A Single Business Tax credit valued at more than $3.5 million helped convince the high-tech company to grow in Michigan instead of other out-of-state sites. Plymouth Township is considering a 12-year tax abatement valued at $375,154 to support the project.
SKD L.P.willmetal stamping manufacturer
The city of Grand Rapids
The city of Manisteewill work with Seyferth Construction LLC to transform an underutilized downtown site at 86 Washington Street into a 10-unit waterfront condominium complex with an enclosed parking structure and up to five boat docks along the Manistee River channel. The developer will use state and local tax capture valued at $330,000 and invest $2.7 million in the new development.
The city of Traverse Citywill team with Kinney Building LLC to redevelop an underutilized downtown site located at 128 S. Union Street. The developer will use state and local tax capture valued at $333,541 and invest $7.3 million in the new development that will include a 20,640-square-foot building to house the Bank of Northern Michigan and an 11,448 square-foot commercial/office building. The project is expected to create 70 new jobs.
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