Michigan had been competing with other states to win the company's investment. The company was attracted to Michigan by the state's life sciences research institutions, existing company assets here and the ability to attractand retain high-tech employees, Engler says.
A 20-year Single Business Tax credit awarded to the company by the Michigan Economic Development Corp. was a factor in securing Pfizer's expansion commitment. David Canter, Pfizer senior vice president and director says his company "now has the land we need to flourish. This will bring the city of Ann Arbor and the state economic growth and new jobs in the research and development sector."
According to an economic analysis conducted by the University of Michigan, it is estimated the company's projected investments will generate a total of 600 jobs directly by the company.
In addition to the SBT credit, the state is granting an abatement of the six-mill State Education Tax for 12 years valued a $10.7 million. The city of Ann Arbor has also approved a 12-year, $47.7 million property tax abatement for the company.
University of Michigan recently agreed to sell 55 acres of land near the school's north campus to Pfizer for $27 million for future expansion.
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