Governor Granholm Says Declining Revenue, Increasing Need Have Created Budget Crisis .(MP3- 3MB)

Governor Granholm Says Declining Revenue, Increasing Need Have Created Budget Crisis Granholm Applauds ITC Holdings Investment to Improve Electricity Grid, Create Jobs Governor Granholm Celebrates Company's Investment in Central Michigan Granholm: Five Companies Investing in Michigan, 1,790 Jobs Created and Retained

I am so pleased to announce the expansion of four companies and a downtown redevelopment project that are expected to create and retain nearly 1,800 Michigan jobs and involve more than $65 million in new capital investment. These projects are evidence that our first-class workforce and business-friendly climate make Michigan a place where companies want to locate and do business. The five projects are:

• Eaton Corporation which plans to invest approximately $1 million to consolidate its operations in Jackson and secure 1,262 Michigan jobs, including 364 directly by the company. A state tax credit valued at more than $5.5 million over seven years helped convince the company to consolidate in Michigan over a competing international site.

• Gentz Aerospace Production LLC, commonly known as Gentz Industries, will undertake a $3.7 million expansion in Warren. The project will create 282 new jobs, including 125 directly by the company. A state tax credit valued at more than $1.08 million over seven years helped convince the company to expand in Michigan over a competing site in Kansas.

• ParkingCarma Inc. will invest $4.6 million to locate its customer contact center at the Great Lakes Technology Center in Flint. ParkingCarma Inc. was established in 2006 to commercialize the ParkingCarma parking guidance service that allows drivers to secure parking spaces through cell phones, the Internet, or next generation on-board navigation systems. The product was developed by Emeryville, CA-based ACME Innovation in association with AT&T, Bay Area Regional Transportation, CalTrans, Intel, Microsoft, NavTech, Quixote Corporation, Senses (Siemens), and UC Berkeley. The project will create 155 new jobs, including 110 directly by the company. A state tax credit valued at $979,000 over seven years helped convince the company to choose Michigan instead of competing sites in California and North Carolina.

• Tesla Motors Inc. will invest $47.7 million to locate a new R&D and engineering center in Rochester Hills. The project will result in the creation of 76 new jobs. A state tax credit valued at $602,000 over three years convinced Tesla to grow in Michigan over other potential sites in South Carolina.

• City of Mt. Pleasant, in partnership with Central Michigan Development LLC, and the Mt. Pleasant Economic Development Corporation, will utilize state and local tax capture valued at $358,097 to renovate the former Borden Condensing Corporation facility at 320 West Broadway in the city's downtown. The project involves an upgrade of the Borden Building along with new construction. The building renovation will yield 39,000 square feet of commercial office space, for which the primary tenant will be the City of Mt. Pleasant. In addition, new construction of 30,000 square feet on an adjacent property will be devoted to mixed commercial, retail, and residential space to be known as the Riverplace on Broadway. The project is expected to generate at least $8.2 million in capital investment and create 15 new jobs.

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