Monday, August 01, 2005
Michael Shore, MEDC
Manufacturer Chooses Michigan for More than $14 Million Investment
Governor Jennifer M. Granholm announced today that Tiara Yachts Inc., a division of S2 Yachts, will invest $14 million to expand at its existing facility in Holland, where it currently employs 640 workers. The expansion will create 594 new jobs, including 400 directly by the company. Assistance offered through the Michigan Economic Development Corporation helped convince the company to choose Michigan over a competing site in another state.
"Tiara Yachts' expansion will provide a big boost to Holland's economy," Granholm said. "This is yet another sign that businesses are choosing Michigan to grow and create jobs."
"We are thrilled with the support we have received from the Governor, MEDC team, Lakeshore Advantage, and the City of Holland," S2 Yachts CEO David Slikkers said. "All have recognized the competitive challenges of doing business globally and have responded according."
A University of Michigan economic analysis estimates that 194 indirect Michigan jobs will be created as a result of increased economic activity associated with Tiara Yachts' expansion, in addition to the 400 jobs created directly by the company. The project is expected to generate more than $411 million in personal income for Michigan workers over the life of the tax credit.
The expansion is one of six economic development projects the Governor announced today. In all, they are expected to create a total of 2,939 Michigan jobs.
"This project exemplifies the outstanding entrepreneurial spirit of the Slikkers family," said Lakeshore Advantage President Randy Thelen. "We were pleased to be of service to Tiara Yachts as they pursue this new growth opportunity."
S2 Yachts designs and manufactures premium-quality, world-class pleasure boats from 23'-52' under the brand names of Tiara Yachts and Pursuit Boats. Formerly known as the Slickcraft Boat Company, founder Leon Slikkers has operated in Michigan since 1955. The company also operates facilities in Fort Pierce, Florida and Swansboro, North Carolina.
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005, the Governor and the MEDC have announced the creation or retention of more than 57,000 jobs as a result of targeted assistance provided by the MEDC.
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.
Tiara Yachts Inc.
(All estimates in 2005 dollars)
|TOTAL JOBS CREATED||594|
|NET POSITIVE STATE REVENUE IMPACT||$26,891,000|
Life of the 13-year Tax Credit Agreement