LANSING ? Economic incentives supplied by the Michigan Economic Development Corp. for 18 projects and companies are expected to generate $231.2 million in new state investment and nearly 7000 new jobs.
?These investments are great news for communities and job-seekers throughout our state,? said Michigan Gov. Jennifer Granholm. ?The companies that are choosing to invest here are critical to our effort to diversify Michigan?s economy, and we will continue to go anywhere and do anything to bring new jobs like these to Michigan.?
Several of the projects are the result of changes to the state?s Michigan Economic Growth Authority (MEGA) Act approved by the Legislature and signed by the governor this year. The 18 projects announced today are:
ForeSee Results Inc. ? A company that uses online voice of customer data to help organizations around the globe increase sales, loyalty, and website value, is looking to expand its operations in Michigan and locate its new North American headquarters in southeast Michigan over competing sites on the east and west coasts. Based on the MEDC?s recommendation, the MEGA board today approved a state tax credit valued at $3.2 million over seven years to win the company?s expansion. The company is considering sites in Wayne, Oakland and Washtenaw counties. The company plans to invest approximately $6.6 million in the project that is expected to create up to 638 Michigan jobs, including 275 directly by the company. An economic analysis conducted by the MEDC estimates that the project will generate an additional 363 indirect jobs.
Evergreen Solar inc. ? The manufacturer of solar power panels has chosen Midland over a competing site in another state to establish a new facility that will create string for the company?s proprietary, low-cost String Ribbon wafer technology. The project, pending final permit approval by the Michigan Department of Environmental Quality, is expected to generate approximately $55.2 million in new capital investment and up to 596 new Michigan jobs, including 101 directly by the company over the next five years. An economic analysis conducted by the MEDC estimates the project will generate an additional 495 indirect jobs. Based on the MEDC?s recommendation, the MEGA board today approved a state tax credit valued at $1.8 million over 10 years to win the company?s expansion. The city of Midland has approved a 12-year abatement worth $3.9 million to support the project.
Echo Global Logistics Inc. ? Based on the MEDC?s recommendation, the Michigan MEGA board today approved a state tax credit valued at $12.6 million over 10 years to encourage the Chicago-based IT logistics company to launch new operations under consideration in Troy. In addition, the MEDC has offered up to $400,000 in job-training assistance through the economic development job training program. To support the project, Oakland County has proposed assistance with employee recruitment and assessment and potential Workforce Investment Act funding of up to $50,000. The project, pending company approval, is expected to generate $4.2 million in new capital investment and create 1,777 new jobs, including up to 950 directly by the company. An economic analysis conducted by the MEDC estimates the project will generate an additional 827 indirect jobs.
Gibbs Technologies Inc. ? Based on the MEDC?s recommendation, the MEGA board today approved a state tax credit valued at $5.9 million over 10 years to encourage the developer of amphibious vehicles to establish a planning and R&D facility under consideration in Auburn Hills over a competing site in Alabama. The project, pending company approval, has the potential to generate up to $13 million in new capital investment and create up to 521 new jobs, including 250 directly by the company. An economic analysis conducted by the MEDC estimates the project will generate an additional 271 indirect jobs. The city of Auburn Hills has approved an eight-year abatement worth $15,250 to support the project.
Harman Becker Automotive Systems Inc. ? The world?s largest supplier of high-end automotive audio and infotainment systems plans to consolidate its North America acoustic development group from two out-of-state locations to a location in Novi. The company plans to invest up to $10 million in the project, which will include a new facility in Novi with offices, labs and R&D areas. The project is expected to create 275 new jobs, including 135 directly by the company. An economic analysis conducted by the MEDC estimates the project will generate an additional 140 indirect jobs. Based on the MEDC?s recommendation, the MEGA board today approved a state tax credit valued at $2.5 million over seven years to win the expansion over competing sites in the U.S. and Europe. To support the project, the city of Novi has proposed an expedited review and inspection process along with funding towards public infrastructure improvements. Harman Becker is a unit of Harman International Industries Inc., which provides audio and infotainment systems for the consumer, automotive and professional markets.
International Bancard Corporation ? The financial transaction service provider plans to invest $2.1 million to relocate from Royal Oak into a larger facility in Clawson. The project is expected to create 325 new jobs, including 150 directly by the company. An economic analysis conducted by the MEDC estimates the expansion will generate an additional 175 indirect jobs. Based on the MEDC?s recommendation, the MEGA board today approved a state tax credit valued at $1.1 million over seven years to win the expansion over competing sites in other states. In addition, the MEDC has offered up to $50,000 in job-training assistance through the economic development job training program. To support the project, the city of Clawson has proposed waiving all building and planning fees and making landscape improvements to the site.
MyInsuranceExpert.com (RSA) ? The financial planning and benefits service provider plans to relocate and expand its Internet-based individual health and life insurance venture, MyInsuranceExpert.com from Farmington Hills to Troy. The company plans to invest $1.8 million in the project and expects to create 621 new jobs, including 337 directly by the company. An economic analysis conducted by the MEDC estimates the project will generate an additional 284 indirect jobs. Based on the MEDC?s recommendation, the MEGA board today approved a state tax credit valued at $3 million during the next five years to win the project over a competing site in Florida. To support the project, the city of Troy has proposed a $20,000 contribution and combination of services through the city?s Downtown Development Authority.
Technology Associates Inc. DBA Ranal Inc. ? The engineering service provider plans to invest $2.5 million to expand its operations in Auburn Hills. The project is expected to create 167 new jobs, including 84 directly by the company. An economic analysis conducted by the MEDC estimates the project will generate an additional 83 indirect jobs. Based on the MEDC?s recommendation, the MEGA board today approved a state tax credit valued at $1.1 million over seven years to win the expansion over competing sites in India, Canada and Germany. To support the project, Oakland County has proposed up to $75,000 in training funds under the Workforce Investment Act.
Steel Tool & Engineering Co. ? The manufacturer and engineering provider of precision component parts for military and commercial aircraft jet engines plans to invest $3.5 million to consolidate operations in Taylor and Wyandotte into a facility in Gibraltar. The project is expected to create 112 new jobs, including 50 directly by the company. An economic analysis conducted by the MEDC estimates that the project will generate an additional 62 indirec
