MSF-approved incentives generates private investment, new jobs
Tuesday, February 28, 2017
Projects expected to generate nearly $187 million in total investment and create 1,445 jobs in Michigan gained approval from the Michigan Strategic Fund
Projects expected to generate nearly $187 million in total investment and create 1,445 jobs in Michigan gained approval from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today.
“The Michigan Strategic Fund took on an extensive agenda that promotes a wide array of new economic opportunities for the people of Michigan,” said Gov. Rick Snyder. “Today’s actions continue to demonstrate a commitment to keep Michigan on the path toward our future that leads to more jobs and better lives for our residents.”
AM General LLC
AM General LLC, headquartered in South Bend, Indiana, is a global manufacturer of military, commercial and consumer vehicles. The company plans to move its operations from its current site in Livonia to a facility in Auburn Hills, investing $9.5 million and creating 55 new jobs. As a result, the company has been awarded a $1.4 million Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in Indiana that would have been closer to the company’s corporate offices, military and commercial assembly plants, and proving grounds. The city of Auburn Hills has offered support to the project in the form of staff time and assistance. For information on careers with AM General, visit www.amgeneral.com/careers.
Antolin Shelby Inc.
Antolin Shelby Inc. is a new subsidiary of Grupo Antolin, a global manufacturer of interior components for the auto industry. In 2015, Grupo Antolin purchased the assets and business of Magna Interiors. Antolin Shelby has been awarded a contract with an automotive OEM and needs to add additional space. The company plans to lease a build-to-suit facility in Shelby Township, investing $61.2 million and creating 430 jobs. As a result, the company has been awarded a $3.6 million Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in Illinois. Shelby Township has offered support to the project in the form of property tax abatement. Individuals interested in careers with Antolin Shelby should visit www.grupoantolin.com/en/people to upload a résumé.
Credit Acceptance Corporation
Credit Acceptance Corporation, formed in 1972 in Southfield, provides indirect auto financing to consumers, regardless of their credit history. The company is experiencing significant growth and needs to expand its facilities in the city of Southfield with plans to invest $33 million and create approximately 530 new jobs. As a result, the company has been awarded s $2.3 million Michigan Business Development Program performance-based grant and the city of Southfield has offered support to the company in the form of a property tax abatement. Individuals interested in careers with Credit Acceptance should visit www.creditacceptance.com/careers.
Huron Inc., founded in Lexington (Sanilac County) in 1943, manufactures complex tubular assembly components for automotive OEMs engines and transmissions. The company has been awarded new contracts and plans to expand its Worth Township facility, investing $12.9 million and creating 181 jobs. As a result of the expansion, the company has been awarded a $1.4 million Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Ohio, Pennsylvania and Kentucky. Worth Township is offering support to the project in the form of property tax abatement. For information on careers with Huron, visit www.huroninc.com/huronweb_013.htm.
Kalamazoo County Brownfield Redevelopment Authority
The Kalamazoo County Brownfield Redevelopment Authority received MSF approval of $7,283,675 in local and school tax capture for the alleviation of brownfield conditions at theStryker Corporationexpansion in the city of Portage. Stryker, a global leader in medical technology, is experiencing significant growth in its medical instruments division and needs an expanded facility to support a global instruments headquarters. The tax capture will be used for site preparation and infrastructure improvements. In December, the company was awarded a $1 million Michigan Business Development Program performance-based grant for the project, which is expected to create 105 jobs. The total investment amount of an estimated $215 million for the entire project site includes the $130 million of private investment that was announced in December.
City of Grand Rapids Brownfield Redevelopment Authority
The City of Grand Rapids Brownfield Redevelopment Authority received MSF approval of $675,069 for the alleviation of brownfield conditions at three parcels of property located at 637 Michigan Street NE in downtown Grand Rapids. The proposed project will redevelop the site for the construction of rental housing with 42 micro apartments targeted for moderate income renters, or those earning approximately 80 percent of the area median income in Grand Rapids. The project is part of the city’s efforts to provide more affordable housing within the downtown and nearby neighborhoods where significant growth and price increases have occurred. The tax capture will be used for demolition activities, lead and asbestos abatement, site preparation and infrastructure improvements. The project is expected to generate nearly $6.9 million in total capital investment and create 12 jobs.
MSF also approved the following:
- A loan award of up to $10 million from the MSF Investment Fund for the Michigan Community Capital Fund (formerly known as the Michigan Magnet Fund) to facilitate investment in “attainable housing” projects across the state. Attainable housing is defined as housing targeted at individuals and families with incomes between 60 and 120 percent of area median income. MEDC and its partners have identified an unmet need for attainable housing in many communities across the state as rental rates have continued to rise, primarily in central business districts and other commercial cores. The proposed loan will be disbursed on a project-by-project basis, and is expected to facilitate in approximately three to five projects.
- Two innovation hubs through the Michigan Translational Research and Commercialization (MTRAC) Statewide Program. The University of Michigan’s College of Engineering will receive $1.7 million to serve as an Advanced Transportation Innovation Hub and Michigan Technological University will receive $525,000 to serve as the Advanced Materials Innovation Hub. Launched in 2016, the MTRAC statewide program supports the acceleration of technology transfer from Michigan’s institutions of higher education, nonprofit centers and hospital systems. Michigan State University’s agriculture biology program and U-M’s life sciences programs were the first to be designated as Innovation Hubs for the program in 2016.
- A one-year extension of a contract with Aviareps for tourism promotion services in China. Services include creating a strategy to attract more Chinese leisure visitors to Michigan, creating Chinese-language brochures, e-newsletters and managing Chinese social media accounts, working with tour operators to get more Michigan product in their catalogs and representing Michigan at key Chinese travel and tourism trade shows. The one-year extension will run from June 1, 2017, to May 31, 2018.
“Today’s projects, including several major business expansions around the state and two community redevelopment projects in downtown Grand Rapids, will fuel new economic activity across Michigan, strengthen communities, and create well-paying jobs for our residents,” said MEDC Chief Executive Officer Steve Arwood.
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