MEDC helps lure 1,552 new jobs to Oakland County

The Michigan Economic Development Corporation is on a roll. Fresh on the heels of announcements about Swedish, German and Spanish investment in the area, the agency announced the creation of 1,552 jobs in Oakland County.

Here is the breakdown:

Azure Dynamics is a Canadian company that develops and manufactures electric and hybrid-electric vehicle powertrain systems. The company will relocate its headquarters and part of its operations to Oak Park. Azure will hire 125 employees and is expected to spin-off another 126 indirect jobs. The company selected Michigan over other Great Lakes states and Ontario because of a state tax credit values at $1.7 million over sever years. Oak Park chipped in a local abatement worth an estimated $55,400 over 11 years.

Southfield-based Credit Acceptance Corporation will further expand its headquarters. Already in 2007, the auto finance firm has added 107 team members to its roster and will now hire another 506. 602 indirect jobs will be created because of this expansion. The state offered the company a tax credit valued at $4.6 million over seven years and Southfield is considering a three-year credit valued at up to $144,000 to further support the company’s growth.

Finally, MARS Advertising and Prize Logic have teamed up on a joint venture. MARS Advertising Prize Logic, a web-based promotions enterprise, will be housed at MARS’ Southfield headquarters. The $1.7 million investment will employ 150, and another 43 jobs will be indirectly created. The State tax credit that swayed the decision is valued at $1.9 million over 10 years. A local abatement of $18,000 was contributed by Southfield.

In her announcement, Governor Jennifer Granholm said, “The diversity of these companies is represents the future of Michigan’s economy. When we develop new high-tech businesses alongside our traditional industries, we can diversify our economy and create 21st century jobs.”

Source: MEDC
Writer: Kelli B. Kavanaugh