Wednesday, October 15, 2003
State and Local Incentives Aid in Creating 164 Jobs
Governor Jennifer M. Granholm announced today that the Michigan Economic Development Corporation (MEDC) has offered assistance to help facilitate the expansion of Dow Corning in Williams Township and Dow AgroScience in Midland. The projects are expected to spur $38 million in private investment and create 164 new jobs.
“Dow Corning and Dow AgroScience have long been partners in Michigan’s ongoing economic success,” Granholm said. “These new quality jobs will provide a boost to both the local and state economies.”
Dow Corning will combine operations currently in Florida, California and Connecticut at a new $21.7 million facility in Williams Township near Midland with the help of a high-tech Single Business Tax credit valued at $4.5 million over 12 years. In partnership with the MEDC, Williams Township is expected to approve a tax abatement worth $2.4 million.
The new facility will manufacture semiconductor materials and provide research and development services to the emerging compound semiconductor industry. The project is expected to create as many as 164 new jobs.
According to an economic analysis conducted by the University of Michigan, it is estimated that the project will result in a net state revenue gain of more than $8.6 million and generate $111 million in personal income over the life of the credits.
Dow AgroSciences will invest $17 million to update a 1950s-era herbicide processing plant at Dow Chemical’s Michigan Operations site. This project will retain six jobs. The MEDC has awarded a brownfield Single Business Tax Credit of not more than $1 million to help bring the obsolescent facility up to current chemical manufacturing standards. The City of Midland also approved a tax abatement worth $1.2 million to help facilitate the project.
The revitalized plant will manufacture a new rice herbicide that is scheduled to be launched in 2005.
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.
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