Tuesday, November 18, 2003
Project To Spur $13 Million in New Investment
Governor Jennifer M. Granholm announced today that the Michigan Economic Development Corporation (MEDC) has offered assistance to Dow Corning to help redevelop a brownfield site at its Midland facility. The project is expected to generate $13 million in private investment and retain up to 80 chemical manufacturing jobs.
“The redevelopment of property and facilities is essential to economic growth in Michigan’s communities,” Granholm said. “This project will encourage reinvestment in underutilized properties and promote continued smart land uses that lead to future investment and job creation.”
Dow Corning plans to invest $13 million to rehabilitate and reuse existing Midland production facilities. The plant produces phenyl-based silicone products used in various markets, including personal care and lubricants. The newly renovated facilities will help Dow Corning meet increasing global demand for these products.
The MEDC awarded a brownfield Single Business Tax credit of up to $1.3 million to help bring the facility up to current chemical manufacturing standards. The city of Midland also supported the project with a tax abatement worth $240,000 over 12 years.
“Brownfield tax credits are among the state’s most valuable tools to keep investment and jobs in Michigan,” said Don Jakeway, president and CEO of the MEDC. “This project will positively affect the quality of life in the entire region by securing good paying jobs for the future.”
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.
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