| Brownfield Approved for $100 Million Dow Investment 12/21/2007 |
The Dow Chemical Company (Dow) recently announced plans for a project that, if approved, will invest over $100 million in their Midland Operations manufacturing site. On December 18, 2007, the Michigan Economic Growth Authority (MEGA), a division of the Michigan Economic Development Corporation, approved a $10 million state Brownfield tax credit to support the project. This assistance is in addition to a 12-year tax abatement from the City of Midland that will save the project $4.5 million in costs.Dow plans to renovate three functionally obsolete buildings in the Michigan Operations site to begin production of diesel particulate filters for light- and medium-duty trucks in response to new emission control regulations scheduled for 2010. The renovated buildings will house the main production facility, production offices, a library, control room and in-process lab. The project is still subject to final approval by Dow's Board of Directors; if approved, it is expected to create 55 new jobs.
"We appreciate the support of the MEDC and the City of Midland on this project," says David Dupre, vice president of Dow's Michigan Operations manufacturing site. "This will allow us to continue moving forward with our growth plans at Michigan Operations, which has netted $300 million in new investments and a couple hundred new or retained jobs over the past few years."Midland Tomorrow was proud to assist Dow in securing both the Brownfield credit from MEGA and the tax abatement from the City of Midland. In total in 2007, Midland Tomorrow has helped Dow receive tax abatements for current and proposed projects that will invest $203 million in the local economy and create and retain 106 jobs.
