Tuesday, May 18, 2004
State Brownfield Assistance Spurs $2.2 Million Investment
Governor Jennifer M. Granholm announced today that brownfield redevelopment assistance offered through the Michigan Economic Development Corporation (MEDC) will make it possible for Benteler Automotive to expand its operations in Grand Rapids, retaining 370 manufacturing jobs. The company plans to invest an estimated $2.2 million in the project.
In her 2004 State of the State address, Governor Granholm announced a focused plan for achieving a powerhouse economy. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 14,321 jobs as a result of targeted assistance provided by the MEDC.
The Benteler Automotive project is one of nine major expansions and relocations announced by the Governor today. They are expected to create and retain a total of 8,683 new jobs for Michigan workers, including 2,866 directly by the nine companies.
Benteler will redevelop a vacant contaminated property next to the company's existing manufacturing plant at 320 Hall Street. The company will benefit from brownfield tax capture valued at nearly $1.2 million, which will be used for public infrastructure improvements and abatement of lead and asbestos contamination. In addition, the MEDC approved a $220,000 SBT credit to be used for demolition of the building and parking lot, clearing the way for a 55,000-square-foot addition to the existing manufacturing facility.
Benteler Automotive Corporation is a wholly owned subsidiary of Benteler AG, Germany. The tier one automotive supplier manufactures safety and structural components, chassis, exhaust systems and tubular components.
"We are very pleased with the support we have received from the state of Michigan and the City of Grand Rapids," said Walter Frankiewicz, president of Benteler Automotive's North American Operations. "Benteler is growing rapidly as we expand to serve our customers globally. It's very rewarding to also be improving and growing in Grand Rapids, our original U.S. home and major manufacturing location for us in Michigan and the world."
The city of Grand Rapids will capture more than $364,500 in local property taxes to assist with brownfield cleanup.
|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.