The Michigan Economic Development Corporation (MEDC) announced that 34 Renaissance Zone designations and modifications received approval from the state Administrative Board today affecting 19 counties throughout the state.The renaissance zone designations and modifications approved today are expected to create more than 4,000 new jobs and spur about $957 million in private investment.
“Michigan’s Renaissance Zones have been a great success and will continue to be a catalyst for business growth in the years to come,” said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation.“The new designations and modifications will carry on the positive momentum helping to bring additional investment and jobs to distressed communities across the state.”
Renaissance Zones are 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.
Five new Agricultural Processing Renaissance zones were among the zones approved today.These new zones are currently home to agricultural processing companies that plan additional investment and job creation as a result of the zone designations.The Agricultural Processing Renaissance Zones approved today are, Subterra, LLC in Carp Lake Township, New Era Canning in the village of New Era, Zeeland Farm Services in Zeeland Township, Graceland Fruit in Gilmore Township and Sunrise Aquaculture, LLC in Hillman.
“These Agricultural Processing Renaissance Zone designations, along with the four previously approved ones, play a valuable role in helping ensure a viable, successful food and agriculture industry in Michigan,” said Dan Wyant, Director, Michigan Department of Agriculture.“With these zones, the state has been able to provide important incentives that have either helped attract, expand or retain these food processing companies that will spur local and statewide agricultural economies and add value to Michigan-grown and -processed commodities.”
Other notable designations approved today include the Buick City plant in Flint and the site of the former Book-Cadillac hotel in Detroit both now tax-free.
Effective December 31, 2002, the Michigan Renaissance Zone legislation will no longer permit further designations or modifications.The tax benefits will continue for existing and modified Renaissance Zones but after the December 31st deadline no new zones; changes or modifications will be made.
The Renaissance Zone program was put into motion in 1996 to help generate new growth in the state’s most economically distressed areas.This nationally recognized and frequently imitated program has generated 241 new projects resulting in more than 6,300 new jobs and $1.7 billion in private investment have been announced in these tax-free zones.
For a listing of the latest Renaissance Zone designations and modifications, see attached Adobe Acrobat File.
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.