Fisher Coachworks LLC is finalizing plans to invest $7 million to develop an ultra-lightweight bus at the 30,704-square-foot former Detroit Race Course facility on Schoolcraft near Middle Belt.

The project is expected to create about 540 jobs within five years.

Wayne County and Livonia officials spent several months in talks with the company, convincing them to expand in Michigan, rather than a competing site in Chattanooga, Tenn.

The state approved an $11.3 million Michigan Economic Growth Authority tax credit for the project on Monday.

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