Gov. Granholm this week announced that the Michigan Economic Growth Authority approved incentives for 11 brownfield redevelopment projects in Lansing, Detroit, Grand Rapids, Flint and Hamtramck as well as incentives for six companies to expand in Michigan. All told, the projects announced today mean $475.7 million in new investment and 2,997 jobs in the state.
“The brownfield redevelopment projects announced today are the latest examples of Michigan’s efforts to repurpose blighted, contaminated or functionally obsolete properties across the state,” Granholm said. “These incentives will spur redevelopment of properties that have often been underutilized for years, transforming our urban centers and fueling growth in communities across the state. At the same time, these incentives help companies to create new job opportunities as they expand in Michigan.”
“The brownfield redevelopment projects announced today are the latest examples of Michigan’s efforts to repurpose blighted, contaminated or functionally obsolete properties across the state,” Granholm said. “These incentives will spur redevelopment of properties that have often been underutilized for years, transforming our urban centers and fueling growth in communities across the state. At the same time, these incentives help companies to create new job opportunities as they expand in Michigan.”
The Michigan Economic Growth Authority board also approved incentives for six businesses to expand in the state. Those companies are:
• Force by Design, a new-to-Michigan technical services company that provides cloud-computing solutions, plans to invest $430,000 to establish a new office in East Lansing, Michigan, generating 50 direct jobs and 40 indirect jobs. The MEGA board approved a state tax credit valued at $230,985 over three years.
• Otto Bock Polyurethane Technologies Inc., a German-based company that specializes in orthopedic applications and special polyurethane applications in the automotive and furniture sectors, plans to invest $13.3 million in a facility in Rochester Hills, Michigan, creating up to 233 total jobs, including 98 directly at the company. The company received a state tax credit valued at $671,656 over five years.
• Piston Automotive LLC, a tier one automotive supplier of primarily chassis and interior parts, plans to invest $15 million to expand in Redford, Michigan, creating up to 467 total jobs, including 135 directly at the company. The company received a state tax credit valued at $889,293 over five years.
• Plasan Carbon Composites Inc., a manufacturer of carbon composite automotive components, plans to invest $3.2 million to open a Customer and Technical Development Center in Wixom, Michigan, creating up to 78 total jobs, including 36 directly at the company. The company received a state tax credit valued at $697,007 over seven years.
• Ring Screw LLC (Acument Global Technologies), a producer of mechanical fastening products and services for transportation markets, plans to invest $5.1 million to expand its facilities in Fenton, Grand Blanc Township and Sterling Heights and retain its headquarters in Michigan. The project is expected to create up to 263 total jobs, including 150 directly at the company. The company received a state tax credit valued at $874,651 over five years.
The 11 brownfield projects will generate $406 million in new investment and create or retain 1,401 jobs. Among those projects are a new four-story, mixed use space, development of the Seidman School of Business and Center for Entrepreneurship, and development of an urban market in Grand Rapids. In Detroit, the projects include a new single-story retail center, a mixed-use medical office building and a 1,000-space parking garage, a multi-phase project that will redevelop the former public housing site historically known as Charles Terrace, and the renovation of the former Detroit Free Press office and printing facility.
The governor also announced that Autocam Corporation, an independent manufacturer of high volume, precision-machined specialty alloy components, plans to amend a Standard MEGA incentive it received in June 1997 to expand manufacturing operations in Kentwood, Michigan, bringing 200 new jobs to the area over the next five years. Those new jobs are expected to pay an average of $988 a week.
Starting next month, the MEDC will be under new leadership. Republican Gov.-elect Rick Snyder joined Granholm yesterday to announce that Michael Finney will replace Greg Main as the agency's next chief executive officer starting in 2011.
Snyder is expected to take a different approach to economic development than the outgoing Granholm, who concentrated her efforts on attracting new business to the state.
Instead, Snyder has said that more needs to be done to help already-existing businesses in Michigan to succeed and expand. Expect future MEDC announcements to reflect that philosophy.
• Ring Screw LLC (Acument Global Technologies), a producer of mechanical fastening products and services for transportation markets, plans to invest $5.1 million to expand its facilities in Fenton, Grand Blanc Township and Sterling Heights and retain its headquarters in Michigan. The project is expected to create up to 263 total jobs, including 150 directly at the company. The company received a state tax credit valued at $874,651 over five years.
The 11 brownfield projects will generate $406 million in new investment and create or retain 1,401 jobs. Among those projects are a new four-story, mixed use space, development of the Seidman School of Business and Center for Entrepreneurship, and development of an urban market in Grand Rapids. In Detroit, the projects include a new single-story retail center, a mixed-use medical office building and a 1,000-space parking garage, a multi-phase project that will redevelop the former public housing site historically known as Charles Terrace, and the renovation of the former Detroit Free Press office and printing facility.
The governor also announced that Autocam Corporation, an independent manufacturer of high volume, precision-machined specialty alloy components, plans to amend a Standard MEGA incentive it received in June 1997 to expand manufacturing operations in Kentwood, Michigan, bringing 200 new jobs to the area over the next five years. Those new jobs are expected to pay an average of $988 a week.
Starting next month, the MEDC will be under new leadership. Republican Gov.-elect Rick Snyder joined Granholm yesterday to announce that Michael Finney will replace Greg Main as the agency's next chief executive officer starting in 2011.
Snyder is expected to take a different approach to economic development than the outgoing Granholm, who concentrated her efforts on attracting new business to the state.
Instead, Snyder has said that more needs to be done to help already-existing businesses in Michigan to succeed and expand. Expect future MEDC announcements to reflect that philosophy.
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