February 14, 2006
February 14, 2006
MEDC Incentives Attract More than $97 Million in Private Investment
Governor Jennifer M. Granholm today announced a company expansion and two brownfield redevelopment projects that are expected to create nearly 1,200 new jobs and generate more than $97 million in private investment in Michigan. The expansion and redevelopments are a result of assistance offered by the Michigan Economic Development Corporation (MEDC).
“The BioPort expansion and these brownfield redevelopments will create jobs and reclaim underutilized properties in these communities,” Granholm said. “These projects demonstrate that Michigan can compete in today’s 21st century economy.”
The three projects announced today:
BioPort Corporation will invest $75 million to expand its facility in Lansing, retaining 952 jobs, including up to 322 directly by the company. A Single Business Tax credit valued at more than $6.3 million over 10 years helped convince BioPort to expand in Michigan over a competing site in Maryland. The city of Lansing is considering tax abatements valued at more than $9 million for up to 15 years to support the project. Lansing-based BioPort is the only FDA-approved manufacturer of the anthrax vaccine in the country and has contracts with the U.S. Department of Defense and the U.S. Department of Health and Human Services to supply the vaccine.
The city of Grand Rapids will work with developer Irish Twins Group LLC to redevelop a former industrial site in the city’s North Monroe area. The developer will use state tax capture valued at $420,175 to convert the site located at 801-803 Ionia Street into a multi-use commercial and entertainment facility that will also feature office space and covered parking. The project is expected to involve more than $9 million in private investment and create up to 200 new jobs.
Steel Industries Inc. will invest $13 million to expand in Redford Township. The company will use state and local tax capture valued at $943,971 and a $976,175 brownfield Single Business Tax credit to demolish existing structures and redevelop the former J.L. Peters Company site which is adjacent to the company’s current facility. Steel Industries will build a new 61,000-square-foot building and a parking lot. The project is expected to create 20 new manufacturing jobs. Founded in Detroit in 1913, Steel Industries specializes in custom open die forgings and seamless rolled rings for the power generation, machine tool, construction and transportation industries.
“Michigan’s innovative economic development tools are working to bring jobs and investment to communities statewide,” MEDC President and CEO James Epolito said. “These projects are only a handful of recent successes that will help shape the state’s economy for years to come.”
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 67,000 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 MEDC’s initiatives and programs, visit the Web site at www.michigan.org.
