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MEDC assistance helps creates 3,000 jobs

by: Eric B.

Wed Aug 15, 2007 at 10:00:16 AM EDT


Washtenaw County will benefit big from tax breaks offered by the Michigan Economic Development Corp., to the tune of 238 jobs created directly by three companies (of 516 jobs expected to be created overall) luring one company's headquarters from North Carolina, while beating out competing sites in Florida and Minnesota.

The three were among nine expansions and relocations announced by the MEDC, which used tax enticements to create what will a total 3,000 jobs and $52.3 million in capital investment in the benefiting communities.

Eric B. :: MEDC assistance helps creates 3,000 jobs
In addition to the three mentioned above, communities that will benefit from this include Southfield, Ingham County, Grand Rapids, Owosso, Auburn Hills, and Detroit.

This program, slated for Detroit, stands out:

Caraco Pharmaceutical Laboratories Ltd.: The developer, manufacturer, marketer and distributor of generic and private-label pharmaceuticals to the wholesalers, distributors, drugstore chains and managed care providers plans to invest $14.5 million in a 140,000-square-foot expansion of its manufacturing operations in Detroit. The project will create 1,648 new jobs, including 598 directly by the company. A state tax credit valued at $6.8 million over 10 years helped convince the company to expand in Michigan over competing sites in North Carolina and South Carolina. The city of Detroit has approved two local tax abatements for up to 12 years to support the project. When combined with personal property tax savings under the new Michigan Business Tax, the estimated value of the abatements is $5.7 million. In addition, the MEDC is working with the Michigan Department of Labor and Economic Growth, Henry Ford Community College, Wayne State University and Detroit Michigan Works to develop and implement a recruitment and training program for new and current Caraco employees.

The MEDC has been a target of proposed cuts in recent years by Republicans, who argue that government shouldn't be in the business of picking economic winners and losers (the winner in this case?  Detroit  the losers?  Sites in North and South Carolina).

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