Tuesday, June 23, 2015
Five companies to invest $158 million, create 826 jobs
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of three business expansions and two community improvement projects that are expected to generate $158.2 million in new investments that could create 826 jobs.
“Today’s MSF actions will lead to new business growth, revitalized communities and more and better jobs for our residents,” said MEDC Chief Executive Officer Steve Arwood. “The decision by these companies to expand in Michigan demonstrates our state’s greatly improved and diverse business climate.”
The Michigan Strategic Fund approved the following items:
Michigan Business Development Program:
ZF North America, Inc., a subsidiary of ZF Friedrichshafen AG headquartered in Friedrichshafen, Germany, is a worldwide leader in driveline and chassis technology. The company has more 8,300 employees in 20 facilities throughout North America, and plans to expand its technical center in the Charter Township of Northville to allow for additional research and development services to design, develop and test new vehicle components and systems. The project will generate a total capital investment of nearly $71.2 million and create 571 jobs, resulting in a $4 million Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in South Carolina. The Charter Township of Northville has offered support to the project in the form of property tax abatement. Individuals interested in career opportunities with ZF should visit http://www.zf.com/corporate/en_de/career/your_application/vacancies/vacancies.jsp.
Michigan Community Revitalization Program/Brownfield Work Plans:
Fulton and Seward LLC plans to construct a new, five-story mixed-use building on the west side of downtown Grand Rapids. The final project will consist of retail space and 102 residential units as well as a two-story parking structure. The project will generate a total capital investment of nearly $33.8 million and create 28 jobs. The project has been approved for a $3 million Michigan Community Revitalization Program loan participation at 3 percent interest. The City of Grand Rapids Brownfield Redevelopment Authority has also received approval of $5,598,600 in local and school tax capture for brownfield alleviation, demolition, site preparation and infrastructure improvements at the site.
To watch a video on the Fulton and Seward project and other Grand Rapids-area revitalization efforts supported by MEDC, visit here.
Brownfield Work Plan:
MSF approved $7,963,274 in local and school tax capture for the Oakland County Brownfield Redevelopment Authority to redevelop 80 acres of property in downtown Pontiac for the redevelopment of the vacant GM Pontiac Validation Center property. The tax increment revenue will be used to alleviate brownfield conditions at the site and for demolition, site preparation and infrastructure improvements. The property is owned by M1 Concourse, LLC. The completed project will include a car condominium and demonstration track for car owners in the metro Detroit area, as well as a restaurant, events center, and retail stores. The project will generate a total capital investment of $45 million and create 95 jobs. The Oakland County Brownfield Redevelopment Authority is seeking $5.2 million in reimbursement from the Michigan Department of Environmental Quality for environmental activities related to the project.
Private activity bond resolutions:
Master Automatic Machine Company, Inc., founded in 1942, is a manufacturer of precision screw machine products for the automotive industry. The company is acquiring new equipment at its locations in the city of Livonia and Plymouth Charter Township, investing $4 million and creating 82 jobs. The project today received Michigan Strategic Fund approval of a bond authorizing resolution for $4 million in private activity bonds for the project.
Packaging Specialties, Inc., established in 1964, is a Michigan-based producer of packing materials. The company needs to expand its facility and is relocating from the city of Ecorse to the city of Romulus, investing approximately $4.1 million and creating 50 jobs. The project today received Michigan Strategic Fund approval of an inducement resolution for issuance of up to $4.3 million in private activity bonds for the project.
In addition, MSF approved a bond authorizing resolution for $24 million in private activity bonds to refund $15.45 million outstanding principal for previously issued bonds and $7 million in new bonds for a renovation project at Luther Manor in Saginaw. Lutheran Social Services of Michigan is a not-for-profit organization headquartered in Detroit that has three primary areas of service: senior living, children and families and home and community. Luther Manor has been a provider of comprehensive nursing care and rehabilitation therapy in the Saginaw community for more than 46 years. The bonds will finance renovation of the room layouts and will include the addition of a lobby, canopy and rehab resident room.
Pure Michigan is a brand representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead advocate for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.
For more on the MEDC and its initiatives, visit michiganbusiness.org. For Michigan travel news, updates and information, visit michigan.org. Michigan residents interested in seeking employment with any of Michigan’s growing companies should check mitalent.org, where more than 96,000 jobs are currently available in a variety of industries.
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