October 15, 2003
October 15, 2003
LANSING – Governor Jennifer M. Granholm joined Visteon executives, union representatives, and local officials to celebrate the installation of the final steel beam in Visteon Corporation’s one million square foot corporate office and innovation center in Van Buren Township today. The center is set to open in the second half of 2004.
The project will result in the retention of 3,400 existing jobs and is expected to create up to 808 new jobs for Michigan workers over the next 13 years, including 475 directly by the company.
"My mission for Michigan is to make our state a magnet state for high tech businesses and job growth," Granholm said. "Visteon Village is proof positive that Michigan is retaining, creating, and growing tech-driven jobs."
An incentive package offered by the MEDC in partnership with the Michigan Department of Transportation (MDOT) and Van Buren Township helped to facilitate the new center. Visteon had considered locating the center in Toledo, Ohio, but decided on Michigan because of cost savings provided by the incentives.
"We are delighted to receive continued solid support for Visteon Village," said Visteon Chairman and CEO Pete Pestillo. "It shows that our state, county, and township officials are committed to helping us complete this project which will help Visteon become a more competitive industry force. By consolidating our facilities, we will increase our operational effectiveness and reduce our overall costs which will benefit our employees, customers, supplier partners, shareholders, and the community."
The MEDC offered a single business tax credit valued at $15.7 million over the course of 13 years, and Van Buren Township offered a $31 million tax abatement. The MDOT provided $5 million from its Economic Development Transportation Fund for road improvements needed to facilitate the project. The entire incentive package, including site search activities, totaled more than $65,502,000.
"A transportation system that effectively moves people, goods, and services is critical to creating and retaining jobs in Michigan," said MDOT Director Gloria Jeff. "This partnership between the MEDC, Visteon, Wayne County, and MDOT helps preserve Michigan’s status as an economic magnet that attracts jobs, businesses, and workers."
According to an economic analysis conducted by the University of Michigan, it is estimated Visteon’s new facility will generate a total of 808 jobs in the state by the year 2016, including 475 directly by the company and 333 indirectly as a result of increased economic activity associated with the expansion. Total net state government revenues are expected to increase by $50.5 million as a result of the project.
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 Michigan Economic Development Corporation’s initiatives and programs, visit the web site at www.michigan.org.
