X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-The Michigan Economic Development Corp. says the Thumb Area and Northern Tier Renaissance Zones have received approval to create subzones and expand their boundaries. The new expansions will result in approximately 138 new jobs, $57 million in private investment and the reuse of previously underutilized industrialproperty, MEDC officials say.

The Thumb Area Renaissance Zone received approval to expand an existing subzone in Caro Village and create an additional subzone in Cass City. The Caro Village subzone will expand its boundaries by approximately six acres.

This expansion enables Michigan Ethanol, LLC to begin construction of a $55-million ethanol processing facility, which is expected to create 38 new, full-time jobs. It is estimated the ethanol facility will require about 14.3 million bushels of corn each year benefiting approximately 1,000 Michigan farmers.

The approval of the new Cass City subzone makes it possible for Millennium Industries to move into the former General Cable facility. Earlier this year, the community lost 200 jobs when General Cable closed its doors. Millennium will invest approximately $2.5 million in the old site creating 100 new jobs within the next five years.

In addition, the Northern Tier Renaissance Zone in Rogers City will gain more than three acres. This expansion will make it possible for the Rogers City to convert blighted, unused industrial areas into residential housing for the community.

Created in 1996, the Renaissance Zone program sets aside geographic areas of the state as virtually tax-free for any business or resident located in or moving to one of the zones. There are 124 tax-free geographic areas. As of September, Michigan’s Renaissance Zones have spurred more than 216 projects with a combined private investment of more than $1.3 billion and created more than 5,800 jobs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.