A "topping-off" ceremony recently brought together corporate, union and elected leaders at Visteon Corp.'s new 1-million-sf corporate office and innovation center in Van Buren Township. The center is set to open in the second half of 2004.
"My mission for Michigan is to make our state a magnet state for high tech businesses and job growth," Granholm said while at the ceremony. "Visteon Village is proof positive that Michigan is retaining, creating and growing tech-driven jobs."
An incentive package offered by the Michigan Economic Development Corporation, in partnership with the Michigan Department of Transportation, and Van Buren Township helped to facilitate the new center. Visteon had considered locating it in Toledo, Ohio, but decided on Michigan because of cost savings provided by the incentives.
"We are delighted to receive continued solid support for Visteon Village," said Visteon Chairman and CEO Pete Pestillo. "It shows that our state, county and township officials are committed to helping us complete this project, which will help Visteon become a more competitive industry force. By consolidating our facilities, we will increase our operational effectiveness and reduce our overall costs, which will benefit our employees, customers, supplier partners, shareholders and the community."
The MEDC offered a Single Business Tax credit valued at $15.7 million over the course of 13 years, and Van Buren Township offered a $31 million tax abatement. The M-DOT provided $5 million from its Economic Development Transportation Fund for road improvements needed to facilitate the project. The entire incentive package, including site search activities, totaled more than $65,502,000.
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