State officials, including the public-private group Ann Arbor Spark, trumpeted the projected move-in by Grupo Aernnova, a Spanish aerospace company. The firm will invest an initial $10 million to move into Pittsfield Township, reportedly in the Ponds Office Center, part of McMullen Co.'s Valley Ranch Office Park. Tom McMullen, president of the firm, is a board member of Ann Arbor Spark. Aernnova will receive $18.5 million in the next 15 years through state tax credits. The township is also considering a 12-year tax abatement package for about $304,000.
Sysco Food Services of Detroit LLC is considering an investment of $18 million for a 90,000-sf expansion of its facility in Canton. The company wants to expand its flex building to an adjacent eight acres, says an MEDC spokeswoman. The company will receive a $2.2-million state tax credit for the next nine years, if the project is approved by the Canton Township board of trustees.
The outstate area also received state financial support. The Genesee County Land Bank Authority will receive $20.6 million to tear down and rebuild 145 properties throughout the county. This includes the eight-story Durant Hotel in Flint. The hotel has been vacant since 1973, but is now set for a $23-million conversion into 109 apartments with retail and office on the lower floors by Lansing-based developer Karp & Associates. The former Berridge Hotel and adjacent Tinlin Building will be redeveloped into affordable apartment units. Also, Thunder Bay Development LLC plans to spend $15 million to redevelop the former Thunder Bay manufacturing facility in Alpena into a manufacturing facility for Allegheny Technologies Inc. Casting Service. The firm will receive $3.4 million in state and city tax credits.
Oakland County, the richest county in the state, has suffered some hard times, with vacancy rates rivaling the city of Detroit. The state and local communities have provided about $9 million incentive funds to three corporations in the county, including Azure Dynamics Corp., which plans to relocate and lease space, for $1.5 million, into Oak Park. Also, Credit Acceptance Corp. is adding another 30,000 sf to its automotive finance headquarters office in Southfield, the MEDC spokeswoman tells GlobeSt.com.
"These economic developments are key to diversifying the state's economy," the spokeswoman says. In 2006, the state provided $370 million to 32 projects.
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