Tax Break and Expansion
In September 2008, Gerber's Fremont facilities were designated as a Michigan Agricultural Renaissance Zone, and received $43 million in tax breaks over 15 years. In order to receive the incentives, Gerber agreed to continue its employment in Fremont at 1,100 jobs and invest $50 million in its Fremont facilities over the course of the next 10 years, however to get the full 15 years of tax breaks, Gerber agreed to increase employment by 200 and spend a total of $75 million on its facilities. The Tax Breaks have been largely supported, despite large revenue losses by local governments. $300,000 in losses a year for the City of Fremont, 10% of their budget, $160,000 a year for Newaygo County. It is estimated local governments would give up potentially $15 million in revenues over the 15 years as part of the tax break. Both the county and the city will be working with the Fremont Area Community Foundation to receive funds in the initial years to help with specific projects and programs. The Fremont Public School District would receive assistance through the state school aid formula. Nestle Nutrition North America CEO Kurt Schmidt said that the Fremont research and development center will be one of 23 worldwide Nestle "product technology centers" and also include scientific research for baby and infant nutritional products. It is expected that the new investment will help make Newaygo County a "global leader in scientific research."
Read more about this topic: Gerber Products Company
Famous quotes containing the words tax, break and/or expansion:
“In 1845 he built himself a small framed house on the shores of Walden Pond, and lived there two years alone, a life of labor and study. This action was quite native and fit for him. No one who knew him would tax him with affectation. He was more unlike his neighbors in his thought than in his action. As soon as he had exhausted himself that advantages of his solitude, he abandoned it.”
—Ralph Waldo Emerson (1803–1882)
“The greatest blunders, like the thickest ropes, are often compounded of a multitude of strands. Take the rope apart, separate it into the small threads that compose it, and you can break them one by one. You think, “That is all there was!” But twist them all together and you have something tremendous.”
—Victor Hugo (1802–1885)
“Every expansion of government in business means that government in order to protect itself from the political consequences of its errors and wrongs is driven irresistibly without peace to greater and greater control of the nation’s press and platform. Free speech does not live many hours after free industry and free commerce die.”
—Herbert Hoover (1874–1964)