Business Facilities - December 2008 - (Page 50)

FEATURE STORY State of the Year Award lion project include proposed upgrades to GM’s Detroit-Hamtramck assembly plant, the Pontiac Metal Center, the Bay City Components Plant and the GM Technical Center in Warren, MI. This multipronged project also showcases the construction of a new facility on a Brownfield site in Flint. Based on the Michigan Economic Development Corporation’s (MEDC) recommendation, the state’s Economic Growth Authority approved a state tax credit worth approximately $122.5 million over 15 years and a Brownfield tax credit valued at $10 million to entice GM’s investment. Additionally, the cities of Flint, Pontiac and Bay City have approved tax abatements to support the project. To compound the state’s job creation bonanza, MPI Research Rendering of the Chevrolet Volt announced in April a $330-million expansion in Mattawan and Kalamazoo that will spur 3,300 new jobs. This particularly innovative project received an Honorable Mention in Business Facilities’ 2008 Economic Development Deal of the Year awards, judged by a panel of eight industry experts. Rounding out Michigan’s top five projects by job creation are North American Bancard (1,500), Echo Global Logistics (950), and K-Dow Petrochemicals (800). In July, K-Dow Petrochemicals announced an astonishing $11-billion investment in the state, and this pack-leading figure unequivocally propelled Michigan to its State of the Year status. A partnership between The Dow Chemical Company of Midland and the Kuwait-based Petrochemical Industries Company, K-Dow will locate its headquarters in Michigan, which won the contract over competitors Louisiana and Texas, our inaugural State of the Year winner in 2007. The joint venture will manufacture and market polyethylene, ethyleneamines, ethanolamines, polypropylene, polycarbonate, and related technologies. “For decades, Dow Chemical Company has been an important part of Michigan’s economy by creating jobs and investing in our communities,” says Gov. Granholm. “K-Dow, which will bring hundreds of jobs to our state, would rank in the top half of the Fortune 500 if it was publicly traded, and the fact that it will be headquartered here is good news for Michigan.” “Like Governor Granholm, we are pleased that the headquarters of KDow Petrochemicals will be located in the great state of Michigan— home to The Dow Chemical Company for more than 110 years,” says Dow Chairman and CEO Andrew N. Liveris. “This affirms that the state of Michigan is willing to work hard to attract new investment and 50 DECEMBER 2008 PHOTO CREDITS: CHEVROLET; STREETS BLOG

Table of Contents Feed for the Digital Edition of Business Facilities - December 2008

Business Facilities - December 2008 Contents First Word Snapshots Corporate Moves: North Carolina Gold Award: New Engine for Growth in Virginia Silver Award: Tennessee Gets the Big Prize Bronze Award: Enrichment in Idaho Falls Honorable Mentions International Reach From America's Heartland Supply Chain Priorities Metro Spotlight: Greenville/ Spartanburg, SC The Magnolia State Has It All A Real Estate Mega-Merger State of the Year Ask the Expert Advertiser Index

Business Facilities - December 2008

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