[CPEO-BIF] SeverStal Steel, Dearborn, Michigan

[Lenny Siegel <lennysiegel@gmail.com>]

Council action paves way for $1.6 billion SeverStal investment


By Jason Carmel Davis
Dearborn Press & Guide (MI)
October 8, 2008


DEARBORN - SeverStal Steel, which has its North American headquarters in 
Dearborn, is set to invest about $1.6 billion in the Ford Rouge plant 
where it manufactures steel for use in Ford Motor Co. vehicles. Dearborn 
City Council members Monday night unanimously approved a Brownfield 
Reimbursement Agreement among the city of Dearborn, the Brownfield 
Redevelopment Authority and SeverStal.

The agreement means that the company would be able to recapture a 
portion of its investment - around $25 million - over 20 years, 
according to Council President Tom Tafelski. Tafelski also said the 
investment will retain jobs, along with bringing in about 75 new positions.

...

 To help in the process, the city of Dearborn, in partnership with the 
state of Michigan and the Michigan Economic Development Corp. (MEDC), 
prepared a Brownfield Redevelopment grant — approved Monday night — that 
gives SeverStal millions of dollars in tax credits to clean up 
environmentally contaminated sites and build new facilities, O'Reilly said.



...

For the entire article, see
http://www.pressandguide.com/stories/100808/loc_20081008002.shtml

--


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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