Monday, May 01, 2006
Michael Shore, MEDC
Saginaw Economic Development Group Also Honored
Governor Jennifer M. Granholm, Michigan Economic Development Corporation President and CEO James C. Epolito and Saginaw Future, Inc. President JoAnn Crary today announced the Hemlock Semiconductor expansion in Thomas Township has been named a 2005 Top 10 Deal in North America by SiteSelection magazine. Saginaw Future Inc. was also recognized as one of the top economic development agencies in the nation.
"This expansion is a testament to the most aggressive and comprehensive plan of any state in country to win new investment and jobs," Granholm said. "It signals to the rest of the world that Michigan is the right place for high-tech companies to grow."
HSC is the world's leading producer of polycrystalline silicon, a component of photovoltaic cells used to produce solar energy and various electronic devices for the semiconductor industry. Last November, the company announced it would invest $327 million in a two-phase expansion. The project is expected to create 463 new jobs.
The MEDC approved a Single Business Tax Credit valued at more than $5.1 million over 15 years to win the project over a competing site in Kentucky. Thomas Township and the city of Saginaw partnered to propose local tax abatements estimated at more than $52 million.
"It is a tremendous honor to be recognized by Site Selection as one of the top economic development agencies in the country," Saginaw Future President JoAnn Crary said. "The HSC expansion is one example of how our collaboration with the MEDC and other partners results in new jobs and a strong economy for our community."
Site Selection magazine provides expansion planning information to 45,000 executives of fast-growing firms in 117 countries.
"Saginaw Future is one of the MEDC's great corporate partners, and we are extremely pleased by this recognition for its economic development leadership and success," MEDC President and CEO James C. Epolito said. "The HSC project is among many the organization has secured to bring new jobs for Saginaw County families."
Epolito and Crary will meet with HSC president Rick Doornbos and site manager Greg Skufka this Friday to discuss the company's future investment in the state.
A listing of Site Selection's 2005 Top Deals and Top Groups is available in the May issue of the magazine and online at www.sitenet.com.
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. For more information on MEDC initiatives and programs, visit the Web site at www.michiganbusiness.org.
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