MEDC President and CEO James C. Epolito and Saginaw Future Inc. President JoAnn Crary today announced the two organizations have won the CoreNet Global Economic Development and Leadership Award for their role in securing the $1 billion expansion announced in May 2007 by Dow Corning’s joint venture Hemlock Semiconductor Corporation in Saginaw County. Crary and MEDC Senior Vice President Lisa Dancsok were presented the award yesterday during a ceremony at the CoreNet Global Summit in San Diego.
“This award validates our efforts to make our state a great place for cutting-edge companies like HSC to do business,” Epolito said. “Saginaw Future is one of the MEDC’s great corporate partners, and this project is among many they have secured to bring new investment and jobs to Saginaw County.”
The EDL award honors the MEDC and Saginaw Future Inc. for their support of the expansion announced in 2007, including a state tax credit valued at $8.1 million over 15 years in addition to job-training assistance through the Economic Development Job Training program and funding for public infrastructure improvements through the Community Development Block Grant program. The $1 billion project is expected to create 589 new jobs, including 270 directly by the company.
HSC’s expanded facility, due to start coming online in 2010, will nearly double the company’s total annual output of polycrystalline silicon,a component of photovoltaic cells used to produce solar energy and various electronic devices for the semiconductor industry.It is the company’s third expansion in Hemlock in the past three years. Combined, they are expected to generate 1,174 new jobs and up to $1.5 billion in capital investment.
“It is a tremendous honor to be recognized by CoreNet for our economic development leadership success,” 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.”
Each year, CoreNet Global recognizes leadership, best practices and innovations in economic development representing national, state, regional and local interests. Awards are presented to communities and corporations that demonstrate leadership and innovation through executing new strategies, overcoming long-standing obstacles to progress, creating diverse effective community teams, attracting new corporate facilities and jobs, and developing web-based tools and designing incentive programs. Additional criteria Include recruiting major companies resulting in new capital investments and/or jobs, the expansion of existing companies, and creativity in structuring win-win transactions/deals.
CoreNet Global members manage US $1.2 trillion in worldwide corporate real estate and workplace assets consisting of owned and leased office, industrial and other space. With 7,000 members representing large corporations around the world, CoreNet Global (www.corenetglobal.org) operates in five global regions: Asia, Australia, Europe, Latin America and North America.
Established in 1992, Saginaw Future Inc. (www.saginawfuture.com) is a public-private partnership of business, government, labor and education. Saginaw Future has agreements in place to provide economic development services for the City of Saginaw, County of Saginaw and 16 local municipalities. Over 180 private businesses, organizations and individuals, along with 16 foundations, also provide contributions to the 501(c)3 economic development organization.
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 the Michigan Economic Development Corporation’s initiatives and programs, visit the Web site at www.MichiganBusiness.org.
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