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Wed May 18, 2011
State incentives lead to GM's investment in Warren Tech Center
State tax breaks worth $10 million are leading to an investment in GM's Warren Tech Center.
Warren Mayor Jim Fouts indicated an announcement like this would be coming last month.
From the Detroit News:
General Motors Co. won $10 million in tax incentives from the state today to build a new information technology facility at its Warren Tech Center.
The $130 million project — expected to create about 25 permanent jobs — will add on to the Cadillac Building on the campus and occupy about 30-acres of land located along Van Dyke Avenue. The new jobs will pay an average of $44 an hour, according to the Michigan Economic Development Corporation.
The brownfield tax credits valued at $10 million were approved this morning by the Michigan Economic Growth Authority board.
The state brownfield tax credits involved in this deal won't be around for long. In Governor Snyder tax overhaul plan, approved by state legislators, the tax credits will be replaced with a system that will grant redevelopment money up front.