June 4, 2008
Discusses economic plan to grow jobs and the economy
LANSING - Governor Jennifer M. Granholm today visited TransIT Solutions, a high-tech software company that was approved for a state tax credit valued at $986,000 by the Michigan Economic Growth Authority last month. The governor thanked the company for its continued commitment and investment in Michigan and cited TransIT Solutions as a good example of the kind of company we want to help grow here in Michigan. A key part of Granholm's economic plan to grow Michigan's economy is to help companies create jobs in Michigan's emerging technologies.
"TransIT Solutions is an excellent example of a company we are targeting to transform our economy and grow jobs here in Michigan," Granholm said. "Companies are choosing to invest in Michigan because of our competitive business climate, outstanding workforce, and our unmatched quality of life."
TransIT Solutions LLC, a software development and consulting company, plans to invest approximately $3 million over the next five years to expand its operations in Bay City. The expansion is expected to create 247 new Michigan jobs, including 105 directly by the company. Based on the Michigan Economic Development Corporation's (MEDC) recommendation, the Michigan Economic Growth Authority last month approved a state tax credit valued at $986,000 over seven years to win the company's investment over competing sites in Arizona, California and Wisconsin. To support the project, the city of Bay City is also considering a 12-year industrial facilities tax exemption abatement worth $138,500 and a 12-year obsolete property rehabilitation exemption worth $281,541.
"TransIT's growth here in Bay City is truly a win-win," Granholm said. "Our industries benefit from new high-tech products, while our communities benefit from the jobs."
In her 2008 State of the State address, Granholm emphasized the importance of creating opportunity in the changing world of the 21st century. Since January 2005, the governor and the Michigan Economic Development Corporation have announced the creation or retention of more than 237,000 jobs as a result of targeted assistance provided by the MEDC.
# # #