Tuesday, November 16, 2004
Company Expansions, Brownfield Rehab to Create and Retain 811 Jobs
Governor Jennifer M. Granholm today announced two company expansions and three brownfield redevelopment projects that are expected to create or retain more than 800 Michigan jobs and generate more than $207 million in private investment as a result of assistance offered by the Michigan Economic Development Corporation (MEDC).
"These projects bring new investment to our state and new jobs for hundreds of Michigan workers," Granholm said.
According to economic analyses performed by the University of Michigan, the five projects are expected to create 626 jobs directly and an additional 185 indirect jobs as a result of increased economic activity associated with the company expansions.
Hemlock Semiconductor (HSC), Hemlock, Thomas Township: The world's leading producer of polycrystalline silicon will expand its operations in Hemlock, near Saginaw in Thomas Township, creating 122 new jobs including 60 high-tech jobs directly by the company. An SBT credit valued at more than $1.1 million helped convince HSC to choose Michigan over competing domestic and foreign sites. The company plans an initial private investment of more than $40 million for the expansion.
pgam, Auburn Hills: The German-based Tier Two producer of automotive tools and parts will expand its North American headquarters operations in Auburn Hills, creating 240 new jobs including 117 directly by the company. A tax credit valued at more than $1.7 million helped convince pgam to choose Michigan over a competing site in Ohio. The expansion is expected to generate more than $15.3 million in private investment.
1001 Woodward Office LLC, Detroit: The developer will partner with two other LLC entities to utilize a brownfield SBT credit valued at $3.8 million and local and state tax capture valued at up to $1 million. The incentives will help redevelop functionally obsolete and blighted property located within the 1001 block of Woodward in central Detroit. The developers will demolish vacant buildings to make way for a new multi-level parking structure featuring up to 18,000 square feet of retail space on the first floor. The project includes the upgrading of an adjacent 21-story office building located at the northwest corner of Campus Martius and the conversion of the upper floors into residential condominiums. The new development is expected to create up to 400 new jobs and generate more than $50.5 million in private investment.
Dow Chemical Company, Midland: The Michigan-based chemical production and research company plans to rehabilitate parts of its Michigan operations in Midland, retaining 41 jobs and securing future resin production at the site. The company will use a brownfield SBT credit valued at more than $4.5 million to upgrade obsolete buildings and infrastructure within its Saran* Products Suspension Facility and modernize its resin manufacturing production capabilities. The project is expected to create $45 million in private investment by Dow.
The River Pointe Development Company Limited Partnership, Detroit: The partnership will redevelop a seven-acre former mobile home park located at 14630 Riverside Boulevard. The developer plans to build a combination of low- and mid-rise buildings to accommodate about 300 market-rate residential units. The development will also feature boat slips along a canal bordering the property. The project is expected to generate more than $56 million in private investment and eight full-time jobs.
"From brownfield redevelopment to high-tech manufacturing, these projects provide a good snapshot of what is going on in Michigan," MEDC President and CEO Don Jakeway said. "We have an innovative arsenal of effective economic development incentives that give us an edge to make these things happen and succeed."
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 32,034 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.