Monday, December 18, 2000
|FOR IMMEDIATE RELEASE|
December 18, 2000
Contact: Kathleen McMahon
MEDC Grants Renaissance Zone Boundary Expansions
New Subzones and Time Clock Extensions Await
State Administrative Board Approval
The Michigan Economic Development Corporation (MEDC) announced that three Renaissance Zones have received approval to expand their boundaries.New subzones and/or time clock extensions for two Renaissance Zones and two Agricultural Processing Renaissance Zones await approval from the State Administrative Board.
The zone boundary expansions, approved recently by the Michigan Strategic Fund Board, include: Montcalm/Gratiot Counties, Berrien County/City of Benton Harbor/Benton Township and the City of Detroit.
“With more than almost 200 new projects since their creation in 1996, there is no doubt that Michigan’s Renaissance Zones are a success,” said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation.“The expansions offer another chance for these economically distressed areas to continue their journey to economic prosperity.”
The boundary expansions include:
- Montcalm/Gratiot Counties: The expansion of the Howard City/Pierson Township zone to add 157 acres.
- Berrien County/City of Benton Harbor/Benton Township:Adding approximately one additional acre to three of the existing subzones.
- City of Detroit:The expansion of the Southwest/Delray subzone will add 36 acres to the zone.
Two other Renaissance Zones have received approval from the Michigan Strategic Fund to extend their time clocks and/or add new subzones.These zones await final approval from the State Administrative Board in December.The requested changes to these zones include:
The Michigan Strategic Fund board also approved the first two Agricultural Processing Renaissance Zones for Oceana County in theCity of Hart and Hart Township.These zones await final approval from the State Administrative Board in December.The zones approved by the board include:
City of Hart: This proposed 77-acre zone would include Gray & Company, an agricultural processor.
Hart Township: This proposed 279-acre zone would include Peterson Farms, a fruit and vegetable processing company.
Renaissance Zones are 20 regions of the state set aside as virtually tax-free for any business or resident located in or moving to one of the zones.Agricultural Processing Renaissance Zones are also virtually free of taxes.In order for an area to apply for an Agricultural Processing Renaissance Zones, it must have an agricultural processing facility located in the zone.
Created in 1996, Michigan’s Renaissance Zones include 112 geographic areas.As of September 2000, Michigan’s breakthrough Renaissance Zones have spurred more than 180 projects with a combined private investment of more than $736 million and created more than 5,300 jobs.