Tag Archives: Michigan Economic Development Corp.

Companies Get State Aid For $561M Investment, 1,500 New Jobs

LANSING — More than $561 million in new investment with 1,500 jobs and two community revitalization projects are among projects approved Tuesday by the Michigan Strategic Fund.

The projects include investments by Lear Corporation, LG Electronics and Penske Logistics that will generate a total of $158.8 million capital investments and create 1,130 jobs.

* Southfield-based Lear Corp. received a $4.35 million Michigan Business Development Program performance-based grant to help finance a new 156,000-square-foot, $29.2 million automotive seating systems plant in Flint. The project is expected to create 435 jobs. Michigan was chosen over a competing site in Mexico. The city of Flint has offered property tax abatement in support of the project. Individuals interested in careers with Lear should visit http://www.lear.com/Site/Careers.

* In addition, MSF approved a $300,000 one-time grant to the Evergreen Community Development Initiative for its literacy center in the city of Flint. Intended to support talent development, the center will house a complete virtual library computer lab and dedicated literacy coaches with a defined curriculum to increase adult literacy rates and job readiness. The funds were provided to MSF by the Michigan Department of Treasury through a memorandum of understanding.

* Korea’s LG Electronics received a $2.92 million Michigan Business Development Program performance-based grant to assist in the development of a new, 250,000-square-foot LG Electronics Vehicle Components USA plant in Hazel Park. LG will also expand its engineering and design center in Troy. The project is expected to generate capital investment of $25 million and create 292 jobs. Michigan was chosen over competing sites in the Midwest and China. The cities of Hazel Park and Troy will provide assistance in finding candidates for the new positions. For information on careers with LG US, visit http://www.lg.com/us/careers.

* Penske Logistics was awarded a $2.5 million Michigan Business Development Program performance-based grant to assist in the financing of a new 606,000-square-foot distribution center in Romulus, creating 403 jobs. Penske Logistics and developer InSite Real Estate, LLC will be investing a combined $98.5 million in the project. Michigan was chosen over multiple sites in the Midwest. The city of Romulus and Detroit Region Aerotropolis will consider a 10-year property tax abatement in support of the project. Visit http://www.PenskeLogistics.com to learn more.

* Looney Moon, LLC recieved a $300,000 Michigan Community Revitalization Program performance-based grant to assist in a $1.7 million renovation of 204 E. Grand River in the Old Town district of the city of Lansing into a mixed-use development that will include retail, commercial, and residential space. The project is expected to create 20 full-time equivalent jobs.

* The Revival Commons Redevelopment Project received MSF approval for more than $1.4 million in local and school tax recapture to help alleviate brownfield conditions on 53.7-acres of contaminated property at the former Tecumseh Products site in the city of Tecumseh. The completed project will consist of a mixed-use development that will include industrial, office and retail space. Located within walking distance of downtown Tecumseh, the new development will bring an underutilized property back to productive use and is expected to generate increased foot traffic and economic activity in the downtown area.

* MSF also approved an increase to the State Essential Services Assessment Exemption to support Ford Motor Company’s expansion at its Livonia Transmission Plant. Announced in May, the expansion will add a new transmission to its lineup. The project will generate additional investment by Ford of $350 million, resulting in an increase from $1.2 billion to $1.55 billion to the company’s SESA exemption. The company evaluated locations in neighboring states as well as Mexico for the expansion. Allowing Ford to claim the additional investment under its existing SESA exemption will ensure that the project moves forward in Michigan.

* MSF also approved the University Technology and Commercialization Program Request for Proposals in the amount of $2.8 million. The purpose of the RFP is to solicit proposals from applicants that have received prior MSF funding and require additional funding to continue the programs. The UTACP, originally approved by MSF in 2011, was established to invest in university-business partnerships focused on mentors, interns, collaboration, commercialization, economic growth and job creation.

* Also, the MSF approved the appointment of Michigan Economic Development Corp. CEO Jeff Mason to the American Center for Mobility’s board of directors. In 2016, MSF approved resolutions that helped establish the Willow Run Arsenal of Democracy Landholdings Limited Partnership toward finalizing the acquisition of land at Willow Run, and facilitate the design, construction costs and operations for the completion of Phase I of the connected and automated vehicle center to be developed and operated by the American Center for Mobility. Per the by-laws of the ACM, the MSF is entitled to designate two members to the ACM board of directors and Mason will assume one of the two positions.

For more on the MEDC, the state’s marketing arm and advocate for business development, job awareness and community and talent development, visit http://www.MichiganBusiness.org. Visit Pure Michigan Talent Connect at http://www.mitalent.org for more information on Michigan’s online marketplace for connecting job seekers and employers.

 

Aerospace firm, auto-safety company expand in Oakland County

LANSING — Grants to two companies with plans to create a total of 784 full-time jobs and invest $357 million in Oakland County have been approved by the Michigan Strategic Fund board.

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Exports The Aim Of Michigan Firms At Paris Air Show

LANSING — Business leaders from 10 Michigan companies will travel Tuesday to the International Paris Air Show Le Bourget to meet with prospective partners, distributors and customers with the aim of increasing export opportunities within the aerospace sector.

The seven-day trade mission is led by Automation Alley in partnership with the Michigan Economic Development Corp.’s International Trade Program.

Said MEDC CEO Steve Arwood: “The 10 companies participating in the Michigan Booth at the Paris Air Show exemplify the broad range of manufacturing, engineering, and intellectual talent contributing to the global aerospace supply chain, and this show is an excellent opportunity to showcase those products and technologies.”

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Business expansions gain state aid

LANSING — Three business expansions that will generate more than $40.7 million in total investment and create 349 jobs in Oakland County have received Michigan Strategic Fund approval for support, the Michigan Economic Development Corp. announced.

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Barracuda Networks to invest $2.3 million, create 115 jobs in Ann Arbor

LANSING – Barracuda Networks Inc., the network and data security provider, is expanding in Ann Arbor with support from the Michigan Strategic Fund and Ann Arbor Spark, the Michigan Economic Development Corp. announced. The project will generate a total capital investment of $2.3 million and create 115 new jobs.

Barracuda plans an expansion of its manufacturing operations in Ann Arbor, where it builds computer terminals and peripheral equipment. The project is expected to generate $2.3 million in capital investment and create 115 jobs. As a result, the company has been awarded a $750,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Georgia and California.

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Business Expansions Win State Aid, To Create 203 Jobs

LANSING — An animal health company is expanding in the Kalamazoo area with support from the Michigan Strategic Fund, the Michigan Economic Development Corp. announced.

That expansion, along with four other business expansion projects that also received MSF approval, will generate a total private investment of more than $71.5 million and create 203 jobs in Michigan.

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State Support OK’d For Business Expansions, Flint Incubator

LANSING — The Michigan Strategic Fund has approved three grants to create a new business incubator in Flint and build new manufacturing plants in the Grand Rapids area and Port Huron.

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Study Shows Pure Michigan Campaign Driving Travel

LANSING — The award-winning Pure Michigan advertising campaign continues to drive travel and spending to Michigan from out-of-state visitors and to improve the image of Michigan as a regional and national leisure travel destination, according to a new report.

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Third class of ‘Hacker Fellows’ to interview with startups at LTU’s Detroit Center

DETROIT — Hacker Fellows, a program of Invest Detroit Ventures, has began to match its 2017 class of 15 young software developers to early-stage, tech-based companies in Michigan.

Having completed the Hacker Fellows year-long fellowship program, these 15 developers are soon to be hired full-time by Michigan startups, advancing Michigan’s tech ecosystem, and furthering the mission of retention of talented graduates of Michigan’s universities.

Thanks to the recent financial support of the Michigan Economic Development Corp. (MEDC), the Community Foundation of Southeast Michigan (CFSEM), and the Ford Motor Co. Fund, Hacker Fellows is soon to kick off its third year of training, mentoring and supporting recent graduates in launching successful careers with startups.

hacker-fellows

“The importance of developing our technology talent in the region cannot be understated. The Hacker Fellows program is a critical to this effort,” said Don Jones, associate director at CFSEM, which recently committed an additional $550,000 in funding to Hacker Fellows over two years.

On Friday, April 7 from 9 a.m. to 6 p.m., Hacker Fellows has invited its 15 current fellows to in-person interviews with more than 30 startups from across the state. Each fellow will have the opportunity to interview with five to seven companies in hopes of receiving a full-time offer. The interviews will take place at Lawrence Technological University’s Detroit Center for Design + Technology (DCDT), 4219 Woodward Ave.

Once all 15 fellows have received full-time offers, the true Hacker Fellows experience begins in Detroit, with a five-week software and entrepreneurship boot camp at DCDT. Following the five weeks of training, each of the Hacker Fellows goes to work at their paired startup, where they receive a $10,000 to 15,000 grant to boost their first-year salary. Beyond the salary boost, each fellow receives ongoing support from the Invest Detroit Ventures team throughout the year.

“The 2016 Hacker Fellows boot camp focused on front end technologies — specifically Angular JS, Node JS along with HTML and CSS — all technologies I had a strong interest in learning about,” said Jessica Wu, a 2016 Fellow now working for NewFoundry, an Ann Arbor design and software development firm. (The entire 2016 cohort is pictured below.)

2016-hacker-fellows

Added Bradley Hoos, Hacker Fellows executive director: “There’s a huge need for top tech talent in Michigan and it’s been really exciting to see Hacker Fellows become the go-to source for young startup developer talent. The raw talent of our fellows is really impressive and once they are aware of the great things happening in the Michigan startup community, they are choosing to be a part of it. In fact, 13 of our 15 2016 fellows told us that they would have left the state if it weren’t for Hacker Fellows. That’s powerful.”

Hacker Fellows’ goal is to attract and retain top developers in  Michigan and pair these developers with early stage tech startups. In the first two years of the program, more than 70 Michigan startups have engaged with and interviewed Hacker Fellows. All 2015 and 2016 Hacker Fellows accepted positions at Michigan startups, with Fellows joining the program from 14 different universities and working at 21 different Michigan tech startups. Since working with Hacker Fellows, participating startup companies have created more than 160 jobs.

Hacker Fellows is free for participating Fellows and startups thanks to the generous support of sponsors CFSEM, MEDC, and the Ford Motor Co. Fund.

The Hacker Fellows program has an open application period year around, and officials say they’re always interested in interviewing passionate and talented developers. If you’re interested in applying, visit this link.

Visit http://www.hackerfellows.com/matchmaking-introduction/ to hire a Hacker Fellow.

More information at www.hackerfellows.com, including the latest on free and open meetups. Follow Hacker Fellows on Facebook, Twitter and Instagram as well.

Invest Detroit is a certified Community Development Financial Institution and a source of private sector financing which uses a variety of funding tools through managed for-profit and non-profit targeted funds to support economic and community development in underserved communities, primarily in the City of Detroit.

Representing $225 million in funds, committed capital and New Markets Tax Credit allocations, Invest Detroit serves as a platform to meet a broad range of financing needs to support business expansion and real estate development, the creation and retention of jobs, and the revitalization of distressed areas.

Invest Detroit represents the vision of the Board of Directors and management of the Detroit Investment Fund, which was created and funded in 1995 by members of Detroit Renaissance, now known as Business Leaders for Michigan. In 2010, the DIF Board and management team enhanced and transitioned the capabilities of the DIF to create Invest Detroit, which serves as an umbrella entity for the DIF and other for-profit and non-profit managed funds.

State Aid OK’d For $29.8M In Business Expansions

LANSING — Three business expansions that will generate nearly $29.8 million in total investment and create 148 jobs in Michigan have received Michigan Strategic Fund approval for support, the Michigan Economic Development Corp. announced.

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