November 28, 2007
November 28, 2007
Governor announces $9 million bond to help Eaton Rapids company create jobs
LANSING - Governor Jennifer M. Granholm today met with local alternative energy companies to talk about the job-creating role alternative energy will play in Michigan's economy. The meeting, held at Dowding Industries in Eaton Rapids, was one in a series of meetings the governor will hold this month and next to promote the alternative energy industry in Michigan. During the visit, the governor announced that, through the Michigan Economic Development Corporation (MEDC), the state will provide $9 million from the Private Activity Bond Program to help the company expand and create an additional 200 jobs.
"Developing alternative sources of energy is critical for our nation in the 21st century, and it can mean thousands and thousands of jobs for Michigan citizens," Granholm said. "Michigan is the state that put the world on wheels, and with some hard work and a solid plan, we will be the state that revolutionizes the way we fuel our cars and power our homes."
The alternative energy meetings, which Granholm started earlier this month with representatives from a dozen job-creating companies and projects in the alternative energy sector, will continue into December. In addition to Eaton Rapids, Granholm has visited with industry leaders in Lansing, Cassopolis, Detroit, and Traverse City. Additional meetings are planned in Ann Arbor, Midland, Oakland County, and the Upper Peninsula.
Earlier this week, Granholm traveled to California to meet San Francisco-area-based venture capital firms and leaders in the alternative energy sector, encouraging them to make Michigan their premiere choice for future investment. Granholm has long been committed to building the alternative energy industry in Michigan. The 21st Century Jobs Fund, a key component of the governor's economic plan, is working to diversify Michigan's economy by developing high-growth industries in the alternative energy sector.
Earlier this year, Granholm traveled to Sweden, a worldwide leader in alternative and renewable energy, to build relationships with Swedish alternative energy companies that may want to expand and create jobs in Michigan. During that visit, she announced the first-ever Sweden-Michigan Alternative Energy Summit to take place early in 2008.
"With our manufacturers being hit hard by the forces of globalization, we need to focus on industries with growing demand, like alternative energy," Granholm said. "Companies like Dowding Industries that are committed to sustainability and creating jobs are proof that investment in alternative energy has unmatched potential. We are going make sure that Michigan is the hub for that future growth and job creation."
In May, Dowding Industries announced that they will invest $7.1 million to build a new manufacturing facility adjacent to their operations in Eaton Rapids. The project will create 358 new Michigan jobs, including 200 directly by the company. The MEDC helped convince the company to choose Michigan instead of a competing site in Iowa. The bonds announced today will help the company finance the 34,300 square foot expansion.
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