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Tuesday, August 16, 2011
Investment projected to create 1,273 direct jobs across the state
The Michigan Economic Growth Authority (MEGA) today approved tax credits for a business expansion, and plans for a hospital redevelopment and community development that are estimated to generate $173.1 million in new investment and a projected 1,273 direct jobs across the state.
“From leading edge technology to the re-use of a vacant hospital to a bike trail that will help reduce commuter traffic, today’s MEGA board action demonstrates that our economic gardening strategy is working to help companies grow and transform properties,” said Michael A. Finney, President and CEO of the Michigan Economic Development Corporation. “These incentives will help upgrade aged facilities, improve property values and bring new jobs to our communities.”
The MEGA board approved incentives for the following Michigan projects:
For the year to date, the MEGA board has approved agreements to assist the expansion of 47 companies that are projected to invest approximately $1.16 billion and create or retain approximately 12,968 direct jobs. It has also approved 15 brownfield redevelopment projects with projected new investment of more than $734.6 million.
The Michigan Economic Growth Authority (MEGA) may, under statute, provide a refundable tax credit against the Michigan Business Tax (MBT) to companies expanding or relocating their operations in Michigan. Tax credit agreements, awarded on the basis of the company’s strength of project, program guidelines and MEGA board approval, are earned over time by a company’s performance in meeting specified investment and hiring requirements.
The MEGA board is also empowered under statute to award Brownfield Redevelopment tax credits to support new business expansion projects on property that is contaminated, blighted or functionally obsolete.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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