Thursday, July 13, 2006
Michael Shore, MEDC
Community Support, Tax Relief Enable Modernization
Governor Jennifer M. Granholm today announced that NewPage Corporation plans to invest $55.4 million in new equipment and building improvements at its Escanaba paper production facility as a result of assistance offered through the Michigan Economic Development Corporation. An MEDC representative joined city and company officials at an announcement event in Escanaba this morning.
The MEDC approved a Single Business Tax credit valued at $206,300 for industrial personal property and an investment tax credit of $389,000 to support the project. Wells Township approved a Public Act 198 tax abatement of $2,940,000.
NewPage Corporation, headquartered in Dayton, Ohio is a major U.S. producer of coated papers in North America. The company has more than 6,100 employees at five integrated pulp and paper manufacturing mills in Ohio, Maryland, Maine and Kentucky in addition to Michigan.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on MEDC initiatives and programs, visit the Web site at www.michigan.org.
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