Tag Archives: Michigan Strategic Fund

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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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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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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Spanish Auto Supplier To Expand In Michigan

LANSING — The Madrid, Spain-based auto supplier Corporación Gestamp will expand its global operations at three Michigan locations, state and local government officials announced this week.

The international supplier of automotive chassis, bumpers, hinges and other components, plans to invest $158 million at its plants in Chelsea and Mason, and an additional $700,000 at its North American headquarters in Troy. A total of 235 jobs will be created at the Chelsea and Mason plants, and another 60 new jobs in Troy.

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Projects to add 1,300 jobs, $157M investment get state aid

LANSING — Projects generating a total capital investment of $157 million and creating more than 1,300 jobs were approved Tuesday by the Michigan Strategic Fund, with efforts including business expansions, community revitalization projects, infrastructure grants for communities around the state and other activities.

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Mitchell Plastics Expanding In Sterling Heights, Adding 122 Jobs

LANSING — The Michigan Strategic Fund has offered Mitchell Plastics a $427,000 Michigan Business Development Program performance-based grant to support a new plant in Sterling Heights that will create 122 jobs.

The 200,000-square-foot plant represents a total investment of more than $20.5 million.

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