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Wednesday, April 20, 2011

Michigan Economic Development Authority approves tax incentives, creating up to 1,376 jobs

Gordon Food Service store, Ypsilanti, MIImage via Wikipedia
Gordon Food Services is one of the five companies approved
for a Michigan Economic Growth Authority tax incentive, to
create new employment opportunities in the state.

Michigan Economic Growth Authority (MEGA) on April 19th, approved tax incentives for five companies seeking to either expand or retain employment in Michigan. 

The companies estimate the projects will generate up to $163 million in new private investment, adding up to 1,376 new Michigan employment opportunities. 

“(The) MEGA board action highlights our economic-gardening strategy at work to help long-established companies such as Magna grow while partnering with newer companies, like Hearthside, as they enlarge their footprint in our state,” said Michael A. Finney, President and CEO of the Michigan Economic Development Corporation in a press release.

“These new investments underscore once more Michigan’s tremendous talent and the continued growth of our auto supplier and food processing sectors”.
The companies, who won the MEGA credits, include the following:

  • Hearthside Food Solutions LLC – Is a baking company that provides manufacturing and packaging services to several large national food brands. Heartside plans to invest $17.5 million at their Kentwood and Grand Rapids locations to support new growth.  With the MEGA credit, the company expects 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.
  • Magna Electronics Technology Inc. – Is the auto supplier and wholly owned operating unit of Magna International plans. The company plans to invest $64.8 million to expand its manufacturing facility in Grand Blanc Township, creating up to 385 direct new jobs. Magna’s state tax credit valued at $2.1 million over five years. Michigan was chosen over competing sites in Ohio, Canada and Mexico.
  • Magna Steyr LLC  Another operation division 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.
  • Systrand Manufacturing Corporation  As a supplier of products for auto engines, transmissions and axles, Systrand plans to invest $19.2 million to expand in the downriver community of 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.
  • 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, Michigan. Using a new high-technology business initiative, Gordon’s which will create 127 new jobs and $56.5 million in new investment. The company is accepting applicants apply for open positions from IT to sales executives, averaging up to $879 a week, at their careers page. 
In addition, the Wayne County Brownfield Redevelopment Authority was approved by the MEGA board to will use state and local tax capture valued at $3.8 million, for redevelopment of an underutilized and partially vacant shopping center.  The location borders between Allen Park and Lincoln Park and was a former Farmer Jack site.  

Construction plans for the site include significant improvements in the fa├žade and internal site layout to attract new retail industry tenants. The project will generate $10 million in new private investment and create approximately 200 jobs.

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