110 New Jobs for Michigan Workers
Edgewater Automation, LLC will begin operations in St. Joseph with the help of a Michigan Economic Development Corporation (MEDC) incentive package.The MEDC was able to secure the project by making a competitive business case for the company to expand in Michigan with a high-tech Michigan Economic Growth Authority (MEGA) tax credit.
Edgewater Automation selected St. Joseph over sites in Ohio and Illinois for the new start-up facility.It is estimated that this expansion will create 110 new jobs, 46 directly by the company, for Michigan workers.
“Edgewater Automation is exactly the type of fledging company with tremendous potential for growth we had in mind when we created the high-tech MEGA program,” said Doug Rothwell, chairman of the Michigan Economic Growth Authority (MEGA) board.“This new company and the jobs created will be a valuable addition to Southwest Michigan.”
Edgewater Automation will conceptualize, design and build custom automation equipment primarily for the automotive, electronic and appliance industries.The company plans to lease a 40,000 square foot building in the St. Joseph Renaissance Zone.Edgewater Automation will invest $784,000 in the project, including lease costs, machinery and equipment.
“The leaders of the Cities of Benton Harbor and St. Joseph, Whirlpool Corporation and Cornerstone Alliance have always known we could help change the complexion of our community with the redevelopment of the Edgewater area,” said St. Joseph Mayor Mary Goff, speaking on behalf of the Edgewater Partners.“Today, we are another step closer to total redevelopment with the first location in the Edgewater Spec Building.”
, according to an economic analysis, completed through software provided by Regional Economic Models, Inc. (REMI).
A key feature of the MEDC incentive package is a high-tech MEGA tax credit, approved today by the MEGA board, worth an estimated $238,000 over the next five years. The MEGA program, which is administered by the MEDC, is used to promote high quality economic growth, job creation and retention in Michigan.
The package also includes $32,200 in Economic Development Job Training funds to training up to 46 new employees at Edgewater Automation.
The company is also receiving assistance from Cornerstone Alliance, including a rent subsidy, training and assistance with start-up costs.It is estimated value of Cornerstone’s commitment is about $25,000 over a three-year period.
This project will provide more than $1.7 million in revenue to the state over the life of the agreement, resulting in a net positive gain for the state of more than $1.5 million, after the MEGA credit.The project is expected to generate more than
$21.8 million in personal income during that time.
“We are very excited to get things started at Edgewater Automation,” said Rick Blake, president, Edgewater Automation.“The help that the Michigan Economic Development Corporation has given us combined with the assistance we have received from the Cornerstone Alliance has been instrumental in making our decision to start Edgewater Automation in Michigan.We look forward to many years of success in Southwest Michigan.”
Edgewater Automation, LLC is a start-up advanced technologies special machine manufacturer.The custom machinery Edgewater designs will serve special tasks that no industry standard equipment can perform.The company has an alliance with Manders Industries BV, an advanced manufacturing supplier in the Netherlands.Manders will provide technical support and intellectual property to Edgewater’s new operation.
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.
Edgewater Automation, LLC
(All estimates in 2001 dollars)
|TOTAL JOBS CREATED|
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|Personal Income Generated Over Life of MEGA Agreement|