Six hundred new jobs have been added in the financial services sector in Pontiac, thanks to the Michigan Strategic Fund's approval of the Oakland County Brownfield Redevelopment Authority's $1,900,145 in local and school tax capture. The news also means the city will retain 2,200 existing jobs, says the Michigan Economic Development Corporation.
The mortgage company United Shore Financial Services and Pontiac Center Investment are responsible for the expansion project. United Shore announced a move of its corporate headquarters from Troy to the Hewlett Packard Enterprise building at 585 South Blvd. in Pontiac in June 2017.
An existing building will receive extensive renovations, which will serve as a corporate headquarters for the company. Also planned is the construction of a new outdoor recreation center and amphitheater. Surface parking lots will be renovated, as well as added.
The MEDC, the state organization that administers programs and performs due diligence on behalf of the MSF, expects the United Shore project to generate a total capital investment of $69 million in addition to the 2,800 jobs created and retained. The $1,900,145 in local and school tax capture will help in brownfield remediation, demolition, asbestos abatement, site prep, and improvements to infrastructure.
"We appreciate the opportunity to support the investment and job creation being made by United Shore at this brownfield site in Pontiac," Oakland County Executive L. Brooks Patterson, said in a statement. "We are fortunate that a building of this size and stature was available for United Shore for its continued expansion in Oakland County."
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