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Holland City Council Approves revision to JCI Renaissance Zone Agreement

HOLLAND, MI (WHTC) -- During Wednesday night’s regular Holland City Council meeting, there was discussion on the Renaissance Zone agreement made between the City and Johnson Controls back in September of 2009.  Assistant City Manager Greg Robinson says that JCI asked for a revised agreement.  The revisions were requested due to current market conditions for lithium-ion batteries. The Michigan Strategic Fund had already approved the revised agreement which reduces the term of the Renaissance Zone by 5 years, the investment level by $70-million and the amount of jobs created per the original agreement.  While the reduction in investment and the amount of jobs created is on the negative side, the positive side is that the tax revenue generated by the project will be available to the City five years earlier then expected.

Story by:  Diane E Coston