FLINT -- Update: June 14th, 3:40 p.m.
Flint Mayor Dayne Walling says the MEGA tax credit "lays the foundation for additional capital investment and growth from General Motors in the Flint Community.”
Walling attended the MEGA meeting at which the credit was announced. He says, "working together with both public and private partners and investors the city of Flint is transforming into a sustainable city with opportunity for all. I see advanced manufacturing playing a major role in Flint’s diverse 21st Century economy."
Do you think this investment will help revive manufacturing in Flint? Leave us your comments.
A General Motors complex in Flint is getting a major state tax incentive.
Tuesday, the Michigan Economic Growth Authority (MEGA) announced the $10 million credit for the Van Slyke complex. This is an amendment to the 2008 Large Brownfield MEGA Board tax credit that involved a 530,000 square foot addition too the already existing engine plant.
The new project is expected to add $91 million in private investments, and will retain up to 185 local jobs.
MEGA also announced incentives for several other Michigan companies.
HP Enterprise Services, LLC, a subsidiary of the Hewlett-Packard Company, will invest about $4.8 million to add technical employees in Pontiac. This investment is expected to create about 250 new jobs, and will thus earn the company a #3.5 million tax credit over the next seven years.
Magna Exteriors and Interiors USA , Inc is also getting a piece of the Michigan tax incentive pie. This company plans to invest approximately $14.4 million to restructure and upgrade its newly acquired business, Continental Plastics Co., and consolidate business locations in China Township and Benzonia Michigan. The company will also create about 330 new jobs in Howell. Their tax credit is valued at $1,495,524 over the next three years.
The City of Dearborn HeightsBrownfield Redevelopment Authority and Wyoming Brownfield Redevelopment Authority are also getting tax incentives from the state for land redevelopment and job creations/retention.
To learn more about the projects and investments, click here.
