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DETROIT- The Michigan Economic Development Corp.’s Renaissance Zone program hasreceived the Economic Development Program Gold Award from the Council forUrban Development for outstanding achievement in economic development.

The program, which went into effect in 1997, created 20 virtually tax-freezones: 10 urban, seven rural and three former military installations.Business and residents located in a Renaissance Zone do not pay SingleBusiness Tax, personal or real property taxes, state education tax or localincome tax.

Since the implementation of this program, 158 projects have occurred,creating a private investment of more than $157 million.

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