The Detroit News
Lansing -- The Michigan Economic Growth Authority today awarded more than $156.7 million in tax credits for 10 corporate ventures and a brownfield redevelopment project expected to create 17,321 jobs.
The largest award -- $61.3 million in job creation tax credits over 15 years -- will go to Dow Chemical Co. for a Midland manufacturing facility to produce solar shingles. The project is expected to attract $249 million in private investment and create 6,100 jobs, including 1,275 at Dow.
Another $42 million in advanced battery tax credits will go to Dow Kokum, a joint venture between Dow and Townsend Kokam LLC, for a large-scale Midland facility to make cells and batteries for electric and hybrid vehicles. Dow Kokum has pledged $342 million in private investment for the project, which is expected to create 480 jobs.
The credit will help leverage a $161 million federal grant from the U.S. Department of Energy, and another $300,000 in training funds from the Michigan Department of Energy.
"Companies are choosing to invest and grow in Michigan because we are a great state in which to do business," Granholm said in a press release. "From solar shingles and advanced batteries to boats and scrap-tire recycling, we are creating a diversified economy where firms across a wide spectrum of industries are finding success and growing new jobs."
Other projects include a new research and development facility in Northville Township that will supply materials for lithium-ion battery cells, the re-launch of a facility in Cadillac that makes boats, and the expansion in Perry Township of a high-tech firm that provides automotive engineering and test development services.
The MEGA board also approved a brownfield redevelopment project in Brownstown Township funded by a state and local tax capture valued at $58,500. A vacant parcel next to National Wine and Spirits Inc. will be used to expand the company's warehousing and office operations. The project is expected to generate $26.5 million in capital investment and create up to 10 jobs.
The largest award -- $61.3 million in job creation tax credits over 15 years -- will go to Dow Chemical Co. for a Midland manufacturing facility to produce solar shingles. The project is expected to attract $249 million in private investment and create 6,100 jobs, including 1,275 at Dow.
Another $42 million in advanced battery tax credits will go to Dow Kokum, a joint venture between Dow and Townsend Kokam LLC, for a large-scale Midland facility to make cells and batteries for electric and hybrid vehicles. Dow Kokum has pledged $342 million in private investment for the project, which is expected to create 480 jobs.
The credit will help leverage a $161 million federal grant from the U.S. Department of Energy, and another $300,000 in training funds from the Michigan Department of Energy.
"Companies are choosing to invest and grow in Michigan because we are a great state in which to do business," Granholm said in a press release. "From solar shingles and advanced batteries to boats and scrap-tire recycling, we are creating a diversified economy where firms across a wide spectrum of industries are finding success and growing new jobs."
Other projects include a new research and development facility in Northville Township that will supply materials for lithium-ion battery cells, the re-launch of a facility in Cadillac that makes boats, and the expansion in Perry Township of a high-tech firm that provides automotive engineering and test development services.
The MEGA board also approved a brownfield redevelopment project in Brownstown Township funded by a state and local tax capture valued at $58,500. A vacant parcel next to National Wine and Spirits Inc. will be used to expand the company's warehousing and office operations. The project is expected to generate $26.5 million in capital investment and create up to 10 jobs.
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