October 8, 2007
Company establishes new national headquarters in redeveloped building
LANSING - Governor Jennifer M. Granholm today joined Accident Fund Insurance Company of America, Blue Cross Blue Shield of Michigan (BCBSM), and several state and local officials to announce the establishment of Accident Fund's new national headquarters in downtown Lansing. The fast growing company, a subsidiary of BCBSM, will be creating up to 500 new jobs and has chosen the Board of Water & Light's historic Ottawa Street power station to accommodate the growth. The project will also receive assistance from the Michigan Economic Development Corporation (MEDC), departments of Management and Budget (DMB) and Environmental Quality (DEQ), and the city of Lansing.
"This project will help revitalize Lansing and will create good-paying jobs that will help revitalize Lansing's economy and reinvigorate its downtown," said Granholm. "Accident Fund's decision to expand its headquarters here underscores that Michigan is a great place for companies that are looking to invest and grow."
Based on the MEDC's recommendation, the Michigan Economic Growth Authority board today approved a state tax credit valued at more than $9 million over 12 years.
"This project will provide a major boost to our capital city's revitalization efforts and be a visible reminder of what can be achieved through partnership," said MEDC President and CEO James C. Epolito. "We congratulate Accident Fund and Blue Cross Blue Shield for their continued growth and thank them for choosing to expand here in Michigan."
The DEQ will allocate Clean Michigan Initiative funds of approximately $3.2 million to the city of Lansing to be used for public riverfront improvements, including the development of a 20-foot wide public linear park.
"The DEQ is excited to be a part of this effort that will have such a positive impact for the Lansing community," said DEQ Director Steven C. Chester. "This project is an example of our belief that protecting Michigan's environment and growing Michigan's economy go hand-in-hand."
The DMB will assist in removal of an existing chilled water plant and high-pressure steam distribution facility and development of a replacement facility at a new location to maintain utility services.
"The Department of Management and Budget is pleased to partner with Accident Fund to continue its investment in the infrastructure and economic growth of our capital city," said DMB Director Lisa Webb Sharpe.
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