Upon completion, four automotive suppliers will locate within the facility, which will service and supply the existing Saginaw Metal Casting Operation. The $60-million project is expected to create 486 new jobs by 2014.
"Reclaiming brownfields in Michigan is important to the ongoing economic success of our core communities," says Gov. Jennifer Granholm. "This project will create vital manufacturing jobs and make it possible to revitalize an obsolete property making Saginaw a magnet for future development."
A site in Ontario was considered for the project, but the credits convinced the developer and the suppliers, B&W of Michigan, CMI-Schneible Co., Enterprise Automotive Systems and Michigan Production Machining, to stay in Michigan, Granholm says.
Due to job creation, three of the suppliers, CMI-Schneible Co., Enterprise Automotive Systems and Michigan Production Machining, received approval for Single Business Tax credits. These credits are valued at $1.2 million over a 10-year period. It is expected that 144 jobs will be created directly by the suppliers.
According to an economic analysis conducted by the University of Michigan, it's estimated that the total project will result in a net positive state impact of more than $11.9 million generating $228 million in personal income for Michigan residents over the life of the tax credits.
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