MEDC, Saginaw Future Inc. Win Economic Development
and Leadership Award
May 8, 2008
MEDC President and CEO James C. Epolito and Saginaw Future Inc. President
JoAnn Crary today announced the two organizations have won the CoreNet
Global Economic Development and Leadership Award for their role in securing
the $1 billion expansion by Dow Corning’s joint venture Hemlock
Semiconductor Corporation in Saginaw County. Crary and MEDC Senior Vice
President Lisa Dancsok were presented the award Monday during a ceremony at
the CoreNet Global Summit in San Diego.
“This award validates our efforts to make our state a great place for
cutting-edge companies like HSC to do business,” Epolito said. “Saginaw
Future is one of the MEDC’s great corporate partners, and this project is
among many they have secured to bring new investment and jobs to Saginaw
County.”
The EDL award honors the MEDC and
Saginaw Future Inc. for their support of the expansion announced in 2007,
including a state tax credit valued at $8.1 million over 15 years in
addition to job-training assistance through the Economic Development Job
Training program and funding for public infrastructure improvements through
the Community Development Block Grant program. The $1 billion project is
expected to create 589 new jobs, including 270 directly by the company.
HSC’s expanded facility, due to
start coming online in 2010, will nearly double the company’s total annual
output of polycrystalline silicon, a component of
photovoltaic cells used to produce solar energy and various electronic
devices for the semiconductor industry. It is the company’s third
expansion in Hemlock in the past three years. Combined, they are expected to
generate 1,174 new jobs and up to $1.5 billion in capital investment.
“It is a tremendous honor to be
recognized by CoreNet for our economic development leadership success,”
Crary said. “The HSC expansion is one example of how our collaboration with
the MEDC and other partners results in new jobs and a strong economy for our
community.”
Each year, CoreNet Global
recognizes leadership, best practices and innovations in economic
development representing national, state, regional and local interests.
Awards are presented to communities and corporations that demonstrate
leadership and innovation through executing new strategies,
overcoming long-standing obstacles to progress, creating diverse effective
community teams, attracting new corporate facilities and jobs, and
developing web-based tools and designing incentive programs. Additional
criteria Include recruiting major
companies resulting in new capital investments and/or jobs, the expansion of
existing companies, and creativity in structuring win-win
transactions/deals.
CoreNet Global members manage US
$1.2 trillion in worldwide corporate real estate and workplace assets
consisting of owned and leased office, industrial and other space. With
7,000 members representing large corporations around the world, CoreNet
Global (www.corenetglobal.org)
operates in five global regions: Asia, Australia, Europe, Latin America and
North America.
