Four companies are receiving tax credits from the Michigan Economic Development Corporation (MEDC) to expand in Michigan, and the city of Flint is receiving support for a redevelopment project, MI Gov. Jennifer Granholm has announced. The projects are expected to create 910 direct and indirect jobs.
“We are working tirelessly to bring new jobs to Michigan, going anywhere and doing anything to show companies that we have the tools and talent to help them grow,” Gov. Granholm said. “Today’s company announcements highlight the positive impact of our aggressive economic diversification plan.”
The Michigan Economic Growth Authority (MEGA) board approved incentives to win the following projects for Michigan over competing states and countries:
• ConAgra Foods Packaged Foods LLC —The manufacturer of packaged foods plans to invest $73 million to expand in Kentwood, Michigan. The project is expected to create up to 460 new jobs, including 205 directly by the company. The Michigan Economic Growth Authority approved a state tax credit valued at $1.1 million over five years to help convince the company to expand in Michigan over a competing site in Minnesota.
• Grandpapa’s Inc. — The snack foods company plans to invest $4.1 million to expand and renovate a 130,000-square-foot facility in Detroit. The project is expected to create up to 269 total jobs, including 125 directly by the company. The company received a state tax credit valued at $368,358 over five years to encourage the company to expand in Michigan over a competing site in Indiana.
• Proto Manufacturing Inc. — This engineering and manufacturing company plans to invest $5.2 million to relocate and expand its operations to a new 18,800-square-foot facility in Taylor, Michigan, to include in-house laboratory services. The project is expected to create up to 88 jobs, including 46 directly by the company. It received a state tax credit valued at $586,814 over seven years to encourage the company to expand in Michigan over competing sites in Ohio, South Carolina, Indiana and Tennessee.
• TK Holdings Inc. — Takata Corporation’s North American headquarters, TK Holdings Inc., which manufactures automotive safety equipment, plans to invest $14.6 million to expand in Auburn Hills, Michigan. The company is expected to create up to 78 jobs, including 40 directly by the company. It received a state tax credit valued at $766,068 over eight years to convince the company to locate in Michigan over a competing site in Mexico.
The MEGA board also approved state and local tax captures to allow the city of Flint to redevelop two vacant, blighted commercial buildings on the north end of downtown. The buildings were recently demolished to accommodate a new single-story 15,000-square-foot office complex, which will be leased to the Internal Revenue Service. The project will generate $2.5 million in new capital investment and create up to 15 new jobs.
The Michigan Economic Growth Authority additionally approved a request from Chrysler Group LLC to decrease the minimum number of jobs the company is required to maintain from 3,000 to 2,500 to receive state tax credits at its Sterling Heights assembly plant, according to a report in the Detroit News.
You might like:
- Advanced Manufacturing Industry: Dynamic Advancements
- Amazon.com Expanding In New Jersey
- State Focus – Kansas: The Sunflower State Is Blooming and Booming
- Feature Story: 2016 Economic Development Awards
- Automotive Industry Focus: Hitting On All Cylinders
- Cover Story: Global Biotech Report
- Race to a Smart Future
- Toyota Chooses Ann Arbor For Third U.S. Research Facility
- Heroic Efforts In California
- DH Pace Company Expands Kansas HQ Facility
- Water on the Brain
- Cape Coral Economic Development Office: Location Spotlight of the Week
- GM Investing Over $788M, Creating 781 Jobs In Tennessee
- Axiall, Lotte Invest $3 Billion in Louisiana Chemical Plants
- Monsanto To Invest $975M In Louisiana Expansion
- $25 Million Pledged for Economic Development Partnership in Flint, Michigan Amid Water Crisis
- Auto Supply Manufacturer Adding 80 Jobs In Indiana