Monday, December 16, 2013
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a $375,000 Michigan Business Development Program incentive for Vectorform to expand its headquarters in Royal Oak, a project that will generate approximately $2.24 million in new private investment and add up to 75 new jobs.
“Vectorform is a leading software design firm and its commitment to Michigan will bring additional good-paying jobs here for years to come,” said MEDC President and CEO Michael A. Finney. “Vectorform’s decision to expand in Michigan demonstrates our state’s strong advantages as a great place to do business.”
Vectorform, LLC, based in Royal Oak, is a global design and technology firm specializing in emerging digital experiences for the world’s leading brands. The company has experienced rapid growth and plans to expand in the Barnes and Noble building in the City of Royal Oak.
“As we continue our rapid expansion, our leading plan is to keep our global headquarters in Royal Oak, Michigan by moving our facility into the downtown area,” said Vectorform co-founder and CEO Jason Vazzano. “Our goal is to build a world-class facility that provides a revolutionary work environment and attract top talent prospects from around the world.”
Vectorform will add 75 new jobs related to custom digital design and development services and invest $2.24 million for the expansion. As a result, the company has been awarded a $375,000 Michigan Business Development Program incentive. The City of Royal Oak plans to offer support to the project in the form of public parking permits issued to the company’s employees.
The Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The MSF considers a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.
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.
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