Crain's Detroit Business - 25th Anniversary Issue, May 3, 2010 - (Page 2)

Page 2 CRAIN’S DETROIT BUSINESS May 3, 2010 THIS JUST IN ■ From Page 1 guard would receive the tax breaks within the 98.3-acre renaissance zone, the state of Michigan would lose $60 million in Michigan Business Tax revenue. Local city, township and county governments would lose a combined $150 million in foregone taxes. Outside the zone, Vanguard would pay $30 million, or $2 million per year, in MBT. Vanguard also would pay an additional $60 million in property taxes outside the zone over 15 years. If Cox approves the deal, Vanguard vows to spend $850 million on about 20 capital projects, retire $417 million in bonds and assume liabilities including $278 million in pension obligations. — Jay Greene The way it was: 1996 Throughout our 25th-anniversary year, Crain’s will use this space to look at interesting items from past issues. “ This is a pioneering approach, but I won’t knock it. You can’t knock success, and Taubman’s been very successful. en, improved from 40 percent who projected that performance. Looking at the next 18 months, 75 percent said the U.S. economy would improve, and 15 percent said it would stay the same, versus 55 percent who see the Michigan economy improving over that time and 38 percent who believe it will stay the same. — Amy Lane House passes bill to extend brownfield project tax credit A bill that would extend the life of a maximum 20 percent tax credit for urban brownfield projects passed the state House last week in a 99-6 vote and heads to the Senate. House Bill 6044, sponsored by Ed Clemente, D-Lincoln Park, would extend the Michigan Business Tax credit to the end of 2014. The current provision allowing a brownfield credit of up to 20 percent for investments in urban areas is set to expire on Dec. 31 of this year. The bill was referred to the Senate Finance Committee. — Amy Lane Renaissance Venture Fund invests in Houston firm The Renaissance Venture Capital Fund is expected to announce today that it has invested $3 million in DFJ Mercury, a Houston-based VC firm looking to expand in metro Detroit. DFJ is raising its second fund. Its first fund was $85 million. DFJ has invested in two state companies: Kabongo Inc. of Ann Arbor, a maker of digital teaching tools; and Ambiq Micro Inc., a University of Michigan spinoff that hopes to make energy-efficient microcontrollers to extend battery life. Blair Garrou, managing director of DFJ, said his firm, which focuses on early-stage companies, is in due diligence for possible investments in advanced-material and bioscience technologies created at UM and Wayne State University and wants to substantially increase its activity in the state. — Tom Henderson Federal Reserve Bank of Chicago. In March, 48 percent of retailers increased sales over the same month last year, while 33 percent recorded declines and 19 percent saw no change. Looking ahead, 57 percent of retailers expect sales during April–June to improve over the same period last year, while 20 percent project a decrease and 23 percent no change. — Daniel Duggan Marcus & Millichap names new regional manager Marcus & Millichap Real Estate Investment Services has promoted Jonathan Dwoskin to regional manager for its Southfield and Grand Rapids offices. Dwoskin will handle management duties previously handled by Steve Chaben, who was promoted in April 2009 to managing director, overseeing offices in Michigan and Ohio. Dwoskin was most recently the sales manager for the Southfield office. — Daniel Duggan ” Gramer, Anthony Malan Realty Investors Inc., Birmingham From a July 1, 1996, article about skepticism over the Taubman Group’s plans for a large mall and entertainment center in Auburn Hills. Great Lakes Crossing opened in November 1998 with more than 200 stores, restaurants and a movie theater on a mile-long loop. Retailers expect improving sales A retail forecast shows positive growth for the next three months. For the second month in a row, retailers surveyed indicated an improving outlook for sales, according to the Michigan Retail Index survey, a joint project of Michigan Retailers Association and the Survey finds state execs’ outlook a bit brighter Michigan executives are slightly more optimistic about Michigan’s economy than they were three months ago, but they still believe Michigan will lag the nation’s economic improvement, according to the latest quarterly survey by statewide CEO group Business Leaders for Michigan. The survey of 70 top executives found that 25 percent believe Michigan’s economy will improve over the next six months, up from 4 percent in the last survey. Sixty-five percent said the state economy would be the same, up from 44 percent in the last survey, and 10 percent said the Michigan economy would wors- CORRECTION A brief published on Page 13 of the April 12 edition incorrectly listed Providence Hospital and Medical Center in Southfield and St. Joseph Mercy Hospital in Ann Arbor in a group of small community hospitals identified in the Thomson Reuters 100 Top Hospitals National Benchmark Study. Providence Hospital actually received honors in the major teaching hospital category and St. Joseph Mercy Hospital was in the category of teaching hospitals with 200 or more beds.  http://newpagecorp.com http://newpagecorp.com

Table of Contents for the Digital Edition of Crain's Detroit Business - 25th Anniversary Issue, May 3, 2010

Crain's Detroit Business 25th Anniversary
Looking Forward
25 Companies to Watch
25 Mainstays
25 People Then and Now
25 Scandals and Dubious Deeds.
25 Philanthropic Gifts
25 Newsmakers of the Year
25 Big Stories
25 Innovations
25 Gone But Not Forgotten
Health Care
Defense
Suppliers
The Internet and Communication
Energy
Finance
Signs of the Times

Crain's Detroit Business - 25th Anniversary Issue, May 3, 2010

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