State OK's Renewable Energy Zone In Midland

Gov. Jennifer M. Granholm and MEDC president and CEO Greg Main today announced state approval of a 15-year, 155.5-acre Renewable Energy Renaissance Zone in the city of Midland that will be the home of Dow Chemical Co.'s Dow Powerhouse solar shingle manufacturnig plant.

Dow plans to invest $167 million in the solar shingle project which is expected to create 1,250 jobs over five years at the company.  

"Dow's decision to locate its solar shingle manufacturing facility in Midland is further testament to Michigan's growth as a center for clean energy manufacturing," Granholm said. "Whether it's solar, wind or advanced battery, we continue to invest in diversifying Michigan's economy and creating jobs by growing our clean energy sector."

A Renaissance Zone allows a company operating within the zone to operate free of virtually all state and local taxes over the life of the designation. The Renewable Energy Renaissance Zone in Midland is pending State Administrative Board approval.

Said Scott Walker, CEO of Midland Tomorrow: "The Dow Powerhouse solar shingle manufacturing facility is an exciting addition to our growing solar industry.  The company had many options for locating this facility, and we are appreciative of their continued commitment to Midland and the state of Michigan."

In February, the Michigan Economic Growth Authority board approved a new job-creation state tax credit valued at $61.3 million over 15 years for Dow projects, which includes the full-scale production facility in Midland for the company's Dow Powerhouse solar shingle, subject to finalizing local, state and federal funding. This month, the MEGA board approved two state brownfield tax credits valued at $10 million each and a $15 million photovoltaic tax credit to support the project.

"This expansion will spur further job creation and economic development in the region," said MEDC President and CEO Greg Main.  "Thanks to Governor Granholm's leadership and economic development tools like the first-in-the-nation photovoltaic tax credits provided through bipartisan cooperation in the state legislature, we are way ahead of every other state in growing clean-energy sectors."

Michigan's Renaissance Zone program is administered by the Michigan Economic Development Corp. The MEDC, 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 the MEDC's initiatives and programs, visit www.MichiganAdvantage.org. 

(c) 2010, WWJ Newsradio 950. All rights reserved.