November 15, 2005
November 15, 2005
Company Chooses Hillsdale for $1.5 Million Investment
Governor Jennifer M. Granholm announced today that Cobra Sport Inc. will invest $1.5 million to relocate its motorcycle manufacturing facility to Hillsdale. The project will create 132 new jobs, including 70 directly by the company. Assistance offered through the Michigan Economic Development Corporation helped convince the company to move from Ohio to Michigan.
“Cobra’s Sports relocation, and the jobs it will create are great news for the Hillsdale community,” Granholm said. “The company’s decision to move to Michigan from Ohio is further proof that Michigan is a business-friendly state.”
The MEDC approved a Single Business Tax credit valued at more than $386,000 over seven years to win the company’s business. The city of Hillsdale has proposed a tax abatement valued at $20,000 over 12 years to support the project.
A University of Michigan economic analysis estimates that increased economic activity from the manufacturing center will generate an additional 62 indirect Michigan jobs, in addition to the 70 created directly by the company. The project is expected to create more than $31.9 million in personal income for Michigan workers over the life of the tax credit.
“As Cobra continues to grow by delivering great products to our customers and dealers, we are excited to make Michigan our new home,” Cobra President Sean Hilbert said. “The state of Michigan and city of Hillsdale worked hard to make us feel welcome.”
The expansion is one of nine economic development projects the Governor announced today. In all, they are expected to create a total of 1,573 Michigan jobs.
“Without this incentive package, we could not have convinced Cobra to move to Michigan,” MEDC President and CEO James Epolito said. “I commend the leaders of Hillsdale for partnering with the MEDC to win these important jobs for their community.”
Ohio-based Cobra manufactures premium race-ready mini-moto cross motorcycles designed for younger competitive riders. Cobra motorcycles have won more than 45 national titles since 1993.
In her 2005 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 64,000 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 Michigan Economic Development Corporation’s initiatives and programs, visit the Web site at www.michigan.org.
