Innovation & Job News

MEGA creates hundreds of jobs in Detroit, Highland Park, Auburn Hills

Thursday, July 23, 2009

Detroit

The Michigan Economic Growth Authority is swinging for the fences with its latest round of tax incentives as it maxes out its tax break allotment for this year.

The highlight is the long-awaited deal that brings Quicken Loans to downtown Detroit. The nation's largest online lender plans to move its headquarters and 1,800 employees from Livonia into a few empty floors of the Compuware building overlooking Campus Martius. Quicken Loans is consolidating its executive, management, loan production, title production, and administrative functions there. Quicken Loans is also planning to build a new headquarters in downtown Detroit, with the assistance of $37.2 million in state tax credits over 12 years.

Magna Seating is also bringing auto jobs back to Highland Park. The automotive supplier plans to invest $18 million in a multi-product (think car seats) facility in the old Chrysler headquarters, with plans to create 420 jobs there. The state approved a $4.5 million state tax break over seven years and the city of Highland Park is considering a $1.5 million abatement for the project.

Continental Automotive Systems Holding is also expanding its operations in Auburn Hills. The $26.9 million project would create up to 230 new jobs. Two 10-year state tax credits worth $24.4 million helped push the company towards doing the project in Metro Detroit and retaining its existing workforce of 268 people.

The state also approved big tax-break deals for AVL Powertrain Engineering in Ann Arbor and Molded Materials in Saline.

Source: Michigan Economic Development Corporation
Writer: Jon Zemke

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Innovation & Job News

MEGA creates hundreds of jobs in Detroit, Highland Park, Auburn Hills

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