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Approved Tax Incentives Mean New Mich. Jobs

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Approved Tax Incentives Mean New Mich. Jobs

Post by Guest on Wed Apr 20, 2011 6:55 am

Approved Tax Incentives Mean New Mich. Jobs


The Michigan Economic Growth Authority approved tax incentives Tuesday
for five companies choosing to expand or locate in Michigan, as well as
one Brownfield Redevelopment Authority project, the group said in a news
release.The companies expect to have up to $163 million in
private investments, and to add a total of 1,376 jobs to the state, MEGA
said.MEGA said it approved tax incentives for the following companies' projects, and the one Brownfield project:
  • Hearthside Food Solutions LLC: The baking company that provides
    manufacturing and packaging services to several large national food
    brands plans to invest $17.5 million in its Kentwood and Grand Rapids
    locations to support new growth. The company expects the project to
    create up to 302 direct new jobs, resulting in a state tax credit valued
    at $1.2 million over five years. Michigan was chosen over competing
    sites in Ohio, Indiana, Oregon and Kentucky. The cities of Grand Rapids
    and Kentwood are considering abatements in support of the project.



  • Magna Electronics Technology Inc. : The auto supplier and
    wholly owned operating unit of Magna International plans to invest $64.8
    million to expand its manufacturing facility in Grand Blanc Township.
    The company expects the project to create up to 385 direct new jobs,
    resulting in a state tax credit valued at $2.1 million over five years.
    Michigan was chosen over competing sites in Ohio, Canada and Mexico. The
    township of Grand Blanc is considering an abatement in support of the
    project.



  • Magna Steyr LLC: The auto supplier and wholly owned operating
    unit of Magna International plans to invest $765,000 to expand in Troy.
    The company expects the projects to create up to 200 direct new jobs,
    resulting in a state tax credit valued at $1.5 million over three years.
    Michigan was chosen over competing sites in Ohio, Indiana and Ontario.
    The city of Troy is considering an abatement in support of the project.



  • Systrand Manufacturing Corporation: The supplier of products
    for auto engines, transmissions and axles plans to invest $19.2 million
    to expand in Brownstown Township and Rockwood to support growth. The
    company expects the projects to retain up to 162 direct new jobs,
    resulting in a state tax credit valued at $715,615 over four years.
    Michigan was chosen over a competing site in South Carolina. The city of
    Rockwood is considering an abatement in support of the project.



  • Wayne County Brownfield Redevelopment Authority: The Wayne
    County Brownfield Redevelopment Authority will use state and local tax
    capture valued at $3.8 million to redevelop an underutilized and
    partially vacant shopping center that straddles the border between Allen
    Park and Lincoln Park. The former Farmer Jack’s site will undergo
    significant improvements in the façade and internal site layout to
    attract and accommodate new tenants to the site. The project will
    generate $10 million in new private investment and create approximately
    200 jobs.



  • Gordon Food Service Inc.: The provider of food-service products
    and solutions to businesses and retail customers is amending a Standard
    MEGA tax credit approved in June 2010 to increase the scope of its
    consolidation project in Wyoming. The company plans to include a new
    high-technology business initiative, which will result in the creation
    of 127 new jobs and $56.5 million in new investment. Since the project
    will be a new development on a greenfield site, the company has agreed
    to forgo a brownfield credit for a previously planned location, approved
    in August 2010.

  • http://www.clickondetroit.com/money/27600243/detail.html

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    Re: Approved Tax Incentives Mean New Mich. Jobs

    Post by Guest on Wed Apr 20, 2011 8:06 am

    Good news! I just hope they pay more than minimum wage.

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