SOUTHFIELD — The Southfield City Council approved the creation of an Industrial Development District and economic development incentives for TelNet Worldwide Inc. at the March 18 City Council Meeting.

TelNet Worldwide, a telecommunications and information technology company, purchased the 41,148 square foot buildingat 21005 Lahser Road in 2011 with the intention to develop it as a Tier III carrier neutral, wholesale data center.

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The interior of the building was never finished and has been vacant for several years — requiring a complete interior build-out to meet the design requirements of a Tier III data center.

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TelNet will invest about $37 million in real and personal property by 2015 and add up to 40 full-time employees with an average annual salary of $67,000 over the same period. The company also plans to host four to five wholesale tenants at the building, who will make another $50 million or so in capital investments over the next three years.

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The Southfield City Council established the Industrial Development District as provided under the Plant Rehabilitation and Industrial Development District Act of 1974 (P.A. 198) following a public hearing at the March 18 Council Meeting.