Governor Jennifer M. Granholm today announced that mortgage processor LenderLive Network Inc. will invest $7.4 million to expand its current facility at 888 W. Big Beaver Road in Troy with the addition of a 30,000-square-foot data and operations center over the next five years. Assistance offered through the Michigan Economic Development Corporation helped LenderLive select Troy over other potential sites in Colorado, Florida and Texas. The project will result in creation of 847 jobs, including 350 directly by the company. LenderLive currently has 10 full-time employees in Southfield.
"When competing with other states, Michigan's business climate and workforce give us the upper hand in securing investments from growing industries," Granholm said. "LenderLive's investment in Michigan will create good-paying jobs for workers in Troy and Oakland County for years to come."
The MEDC approved a Single Business Tax credit valued at $4,076,000 over six years to win the project. The city of Troy has proposed a package of incentives estimated at $20,000 including a jobs fair for the company, paying all occupancy permit fees and providing community center memberships for new company employees in addition to tenant improvements to the site.
"We are delighted that this fast-growing company has chosen to expand its operations in Michigan," MEDC President and CEO James C. Epolito said. "Our incentives leveled the playing field with competing states and made it possible for this company to expand its operations in Michigan and create hundreds of new jobs here."
An economic analysis conducted by the MEDC estimates that increased economic activity created by the expansion will result in an additional 497 indirect Michigan jobs, in addition to the 350 created directly by the company. The project is expected to generate more than $248 million in personal income for Michigan workers over the life of the tax credit.
"This is an important expansion for LenderLive," company President and CEO Rick Seehausen said. "It is strategically important for LenderLive to geographically diversify our workforce, particularly in the Eastern Time Zone, where a large part of our business is concentrated. Everyone at the MEDC and the city of Troy deserve a lot of credit in making this expansion possible."
LenderLive Network, founded in 1999, has developed a state-of-the-art mortgage fulfillment platform and emerged as a premier source of technology and loan fulfillment services. It operates and drives mortgage origination and fulfillment services that enable clients to originate or acquire more loans, more efficiently, at lower cost.
The expansion is one of 12 economic development projects the Governor announced today. In all, they are expected to create a total of 2,317 Michigan jobs.
"The city of Troy is pleased to work with the state of Michigan to offer an incentive package to Lender Live Network," Troy Assistant City Manager of Economic Development Services Brian Murphy said. "Troy stands as one of the highest rated communities for its service, economy, public safety and trained workforce. Our major points of pride include low taxes and a diversified tax base, AAA bond ratings, A+ rated Troy School District, $12 billion in property values and excellent recreation and community facilities."
In her 2006 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005, the Governor and the MEDC have announced the creation or retention of more than 164,000 jobs as a result of targeted assistance provided by the MEDC.
"Oakland County is the financial hub of Michigan and a growing financial center in the Midwest because of companies like LenderLive," Oakland County Executive L. Brooks Patterson said. "Their faith in Michigan and their commitment to Troy means skilled jobs for our residents and continued economic growth for our region. LenderLive fits nicely into our Emerging Sectors™ business attraction strategy."
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's Michigan Economic Growth Authority (MEGA) program, click here.
LenderLive Network Inc.
(All estimates in 2006 dollars)
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