Thursday, February 22, 2007
$8.7 Million Investment to Create 148 Jobs in Calhoun, Macomb Counties
Governor Jennifer M. Granholm today announced brownfield rehabilitation projects in Springfield and Fraser will create 148 new jobs and generate $8.7 million in private investment. The redevelopments being undertaken by LHG LLC and Faurecia Interior Systems will receive assistance from the Michigan Economic Development Corporation (MEDC) with support from the Michigan State Housing Development Authority (MSHDA).
The redevelopment projects announced today:
- Springfield- AMotor Zone
- Fraser- ABrownfield SBT credit in the amount of $430,000 will be used by auto supplier Faurecia Interior Systems to undertake a two-phase project at their current facility in Macomb County built more than 50 years ago. Phase I consists of renovating 57,600 square feet of existing office space contaminated with lead-based paint and asbestos. Anticipated investment is $2.05 million. Phase II will include the addition of 40,000 square feet of manufacturing and engineering/technical space with an investment of $2.25 million. The total investment of $4.3 million will create up to 98 new jobs in Fraser, some of which may be transferred from other Faurecia locations in southeast Michigan.
Michiganbrownfield programs provide incentives to invest in property that has been used for industrial, commercial or residential purposes and to keep that property in productive use or return it to a productive use. Brownfield incentives can be used for functionally obsolete, blighted, or contaminated property.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site atwww.michigan.gov/mshda.
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