ESCANABA, MI— The Michigan Economic Development Corporation is rescinding a development agreement with the Billerud paper mill in Escanaba.
On Tuesday, the Michigan Strategic Board recommended to the State Administrative Board a recission of its Forest Products Processing Renaissance Zone approval.
In January, the Board approved an FPPRZ for Billerud’s project to upgrade the mill. It was expected to generate up to $1 billion in investment. In May, the company said it was no longer moving forward with transforming the mill and signed a mutual termination agreement of the FPPRZ development agreement.
Billerud has not yet received any tax benefits.
