Tuesday, June 19, 2007
Michael Shore, MEDC
High-Tech Companies to Invest $20.3 Million in State
Each company chose Michigan over competing sites in other states.
The three projects announced today:
- Hitachi Automotive Products (USA) Inc.:The designer and manufacturer of automotive components and systems will expand its Farmington Hills technical center. The project is expected to create 205 new jobs in the community, including 100 directly by the company. A state tax credit valued at $1.3 million over seven years convinced the company to invest in Michigan over a competing site in Kentucky. The city of Farmington Hills has approved a six-year abatement worth $859,000 to support the expansion.
- LMS North America:Troy. The project is expected to create 106 new jobs, 50 of which will be through LMS. A state tax credit valued at $686,000 over seven years allowed LMS to expand their operations in Michigan. In addition, the MEDC will provide up to $25,000 in Economic Development Job Training funding to assist in training new and current employees. The city of Troy has proposed a12-year abatement worth $30,697 to support the expansion.
- Media Genesis IncRoyal Oak. The project is expected to create 288 new jobs, including 155 directly by the company. A state tax credit valued at $1.3 million over seven years helped Michiganwin the expansionover a competing site in Florida. To support the project, the city of Royal Oak has reduced the established selling price of city-owned property adjacent to the project site by $45,742. The site would be suitable for a company parking lot.More information about the company is available at www.mediaG.com.
The expansions are three of seven economic development projects the governor announced today. In all, they are expected to create and retain a total of 2,868 Michigan jobs.
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