©2018 Michigan Economic Development Corporation

Renaissance Zone Expansions Result in a Success for Michigan

Tuesday, September 25, 2001

Jennifer Kopp
(517) 335-4590

State Gains 25 Jobs From Wisconsin Acquisition

State Gains 25 Jobs From Wisconsin Acquisition

The Michigan Economic Development Corporation (MEDC) announced that the Saginaw and Grand Rapids Renaissance Zones received approval to expand their boundaries yesterday.The new expansions will result in approximately 75 new jobs, including 25 jobs coming as a result of a Citizens Banking Corporation acquisition of an affiliate in Wisconsin.

“With more than $1.3 billion spurred in private investments since their inception in 1996, there is no doubt that Michigan Renaissance Zones are a success,” said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation.“These zone expansions will help continue that forward progress in Michigan’s economically challenged communities.”

The City of Saginaw’s Central Business District subzone received expansion approval.The subzone will expand its boundaries by more than two acres.This expansion is expected to create 25 full-time jobs in the loan operations and loan adjuster groups at Citizens Bank Corporation to support increased business in Wisconsin.

In addition, the City of Grand Rapids has received approval to expand five of its six existing subzones, including Railroad Junction, Furniture Center, Grandville, Madison Square and Wealthy/Eastern/Franklin, to include more than six additional acres.An estimated 50 new jobs will be created by this expansion.

Created in 1996, the Renaissance Zone program sets aside geographic areas of the state as virtually tax-free for any business or resident located in or moving to one of the zones.There are currently 124 tax-free geographic areas.As of September 2001, Michigan’s breakthrough Renaissance Zones have spurred more than 216 projects with a combined private investment of more than $1.3 billion and created more than 5,500 jobs.

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.