CAS-MI Laboratories Receives Expansion Tax Credit
May 26, 2009
YPSILANTI TOWNSHIP, MI - Not all Michigan companies and industries are struggling during these challenging economic times. In fact, some are thriving and expanding. Governor Jennifer M. Granholm announced that the Michigan Economic Development Corp. is supporting CAS-MI Laboratories' new Innovation Center. The center will help entrepreneurs and established companies create new specialty chemical products from concept to commercialization. Based on the MEDC’s recommendation, the Michigan Economic Growth Authority approved a state tax credit for CAS-MI valued at $1.2 million over 10 years.
CAS-MI Laboratories is an independent testing laboratory specializing in paint and coatings, plastics and polymers, and adhesives and sealants. Due to the company’s recent growth, expansion opportunities were explored in both Michigan and Missouri, where the company headquarters is located. However, the MEGA tax credit, in addition to the support of Ypsilanti Township, encouraged the company to expand near its current location. The credit will be awarded over 10 years and is aimed to help CAS-MI invest in the state’s economy. CAS-MI Laboratories will use the tax credit in its efforts to expand its analytical and product development services.
The credit will help fund the expansion of CAS-MI’s new Innovation Center. As the first order of business, CAS-MI and the Innovation Center will be moving from two facilities, one at Eastern Michigan University, Ypsilanti, MI, and another property near the campus, to a newly purchased 11,000-square-foot facility in Ypsilanti Township, MI. CAS-MI plans to invest millions of dollars in building renovations, new equipment and state-of-the-art technology over the next five years. To further support local business, it will hire Michigan contractors with skilled labor to expand and modify the new facility.