Governor Jennifer M. Granholm today announced that the Michigan Economic Development Corporation (MEDC) is helping three companies grow in Michigan and is backing three community redevelopment projects in Holland. Combined, the projects are expected to create and retain a total of 8,339 jobs and involve more than $22.5 million in new capital investment in communities throughout the state.
“We are successfully competing for new job-creating investments from companies all over the world,” Granholm said. “As these businesses choose Michigan for their job growth, they send a message that Michigan is a great place for other companies to do business and create jobs, too. We’ll continue to go anywhere and do anything to recruit and retain jobs like these.”
The six projects announced today:
- Dearborn Group Inc.: Theleading supplier of in-vehicle network products, engineering, consulting, and education for the automotive, truck and bus, commercial, military, construction, agriculture and fleet vehicle industries plans to invest more than $1.1 million to expand its operations in Farmington Hills. The project is expected to create 145 new jobs, including 61 directly by the company. A state tax credit valued at $494,000 over five years helped convince the company to choose Michigan over a competing site in another state. The city of Farmington Hills Economic Development Corporation has approved a $15,000 training grant to support the project.
- Inergy Automotive Systems LLC:TheFrance-based company is investing $8.2 million to relocate its Ontario, Canada operations to its Adrian facility. The project is expected to create 427 new jobs, including 189 directly by the company. A state tax credit valued at $1.3 million over seven years helped convince the company to choose Michigan over a competing site in South Carolina. The city of Adrian is prepared to support a 12-year local tax abatement valued at approximately $1.8 million. In addition, the South Central Michigan Works! office and the Lenawee Chamber for Economic Development will support the project by providing recruiting, screening and job training assistance.
- International Automotive Components Group N.A. Inc.:A state tax credit valued at more than $23 million over 10 years has been approved for Dearborn-based International Automotive Components (IAC) Group North America Inc. to encourage the auto supplier to create and retain jobs in Michigan. The company is considering initial investments of $3.3 million at Port Huron, $2.6 million at St. Clair and $804,000 at Warren. Additional investment and transfers of business from IAC facilities outside result in the creation of up to 200 new jobs and retention of up to 7,722 jobs, including 2,609 directly by IAC. In support of the projects, the city of Port Huron is considering a six-year abatement worth $258,000, while the city of St. Clair has proposed a six-year abatement of $202,000. The city of Warren is considering a 10-year abatement worth $57,000.
- Purple House Productions LLCwill utilize state and local tax capture valued at $63,823 to help renovate a vacant building located at 479 Columbia Avenue in the Columbia Arts District in Holland. When completed, the 6,500 square-foot structure will house TicTock Studios, a commercial film production company. The project will generate $701,185 in private investment and five new jobs.
- Scrap Yard Lofts LLCwill embark on a two-phased project to renovate two buildings located at 146 River Avenue in Holland utilizing state and local tax capture valued at $811,000. One building will be transformed into a mixed-use facility with 27 apartment and condominium units on the upper two floors and 13,600 square-feet of office space on the first floor. A portion of the building will be used for a parking garage. The other building will be renovated to house 21,000 square-feet of office space. Both phases of the project are expected to generate $5.8 million in capital investment and create up to 40 new jobs.
- The Holland Brownfield Redevelopment Authoritywill usestate and local tax capture valued at more than $4 million to help finance a new 262-space parking structure to help support new and future redevelopment projects including a mixed-use redevelopment known as Eighth Street Properties currently underway at 99 East 8th Street in Holland.
“All of these projects are the result of successful state and local collaboration and teamwork with our economic development partners around the state to bring these projects to Michigan against some very stiff competition,” MEDC President and CEO James C. Epolito said.
In her 2007 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005, the governor and the MEDC have announced the creation or retention of more than 209,000 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. For more information on the MEDC’s initiatives and programs, visit the Web site atwww.MichiganBusiness.org.
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