Tuesday, October 02, 2001
Ten New Locations to Build on $1.3 Billion Success of Current Zones
The Michigan Economic Development Corporation (MEDC) announced today that a new “Border-to-Border” Renaissance Zone has been created to spur private investments and job creation in ten distinct Michigan locations.
“The program allows us to be flexible and creative in designating particular areas as Renaissance Zones,” said Doug Rothwell, president and CEO of the MEDC. “This new zone takes advantage of that flexibility in a way that will benefit many communities throughout the state.“
Businesses and individuals within the Border-to-Border Renaissance Zone will be exempt from nearly all state and local taxes from January 1, 2002 to December 31, 2011. The zone will include a total of about 633 acres of land in the following Michigan locations:
· Belding (Ionia County)
· Middleville Village (Barry County)
· Coldwater (Branch County)
· Hudson (Lenawee County)
· Morenci (Lenawee County)
· Crystal Falls (Iron County)
· Escanaba (Delta County)
· AuGres (Arenac County)
· Gladwin (Gladwin County)
· Big Rapids Township (Mecosta County)
Created in 1996, the Renaissance Zone program sets aside geographic areas of the state as virtually tax-free for any business or resident located in or moving to one of the zones.The MEDC and local communities use the zone’s tax-free status to encourage development in areas that are economically distressed. Since the program’s inception, Michigan Renaissance Zones have led to combine private investments of more than $1.3 billion and created more than 5,800 jobs.
"The Renaissance Zone designation will make these areas much more attractive to companies looking to locate in Michigan," said Eric Zuzga, Executive Director of the Branch County Economic Growth Alliance. "We are optimistic that this will lead to new economic development and jobs in Branch County, as well as in the other locations covered by this Border-to-Border zone."
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.
# # #