Thursday, September 15, 2005
Michael Shore, MEDC
$125 Million Projects to Create 63 New Jobs
"Promoting the development and use of alternative energies is vital to the state's economic success in the 21st century," Granholm said. "These new plants will turn an important agricultural resource into fuel for Michigan's future, helping Michigan farmers while advancing the nation's goal to become less dependent on foreign oil."
Making Michigan a leader in alternative energy technology is a key component of the Governor's Jobs for Michigan Fund initiative, a measure that would provide $2 billion for the development and commercialization of emerging technology in the state.
Agricultural Processing Renaissance Zones are geographical areas designated as tax-free for eligible agricultural processing companies that plan to build a new facility or significantly improve an existing facility within the zone.
The following companies plan to build ethanol plants in the zones:
In the agricultural processing business since 1947, The Andersons Corporation plans to build a 55 million gallon dry mill fuel ethanol plant in Calhoun County, Sheridan Township next to its existing grain processing facility in Albion. The project is expected to create 30 new jobs and $70 million in private investment. The size of the zone is expected to be 39 acres and remain free of state and local taxes for up to 15 years.
Superior Corn Products, a subsidiary of U.S. Bio-Energy Incorporated, plans to build a new ethanol plant in Barry County, Woodland Township. The project is expected to create 33 new jobs and $55 million in private investment. The zone is expected to be 49-acres and remain tax free for nearly 15-years.
"Agricultural Renaissance Zones are a smart way to ensure that our agricultural commodities are utilized to their absolute best potential," MEDC President and CEO James Epolito said. "The taxes foregone will be far outweighed by the wealth of the jobs, investment and fuel these plants will produce."
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.