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Wednesday, March 28, 2012
The Michigan Economic Development Corporation today announced that three companies were approved for incentives by the Michigan Strategic Fund
LANSING – The Michigan Economic Development Corporation today announced that three companies were approved for incentives by the Michigan Strategic Fund through the Michigan Business Development Program to support their expansions in the state. The projects are expected to generate up to more than $35 million in investments and add up to 443 new jobs in Michigan.
“These three companies, in both Southeast and West Michigan, are demonstrating that Michigan can compete with any state in the country as a great place to grow their businesses,” said Michael A. Finney, MEDC President and CEO. “Their new investments show once more Michigan’s highly competitive business climate and tremendous workforce capabilities mean real opportunities for leading edge companies.”
Computerized Facility Integration, LLC (CFI) a provider of consulting and Integrated Workplace Management Systems (IWMS) for real estate and facility management, proposes to invest up to $908,000 to expand its Southfield operations. The company expects to create up to 79 new jobs, resulting in a state incentive of $434,500. Michigan was chosen over a competing site in Nevada. The City of Southfield is supportive of this project and has approved a tax abatement for the project.
Lacks Enterprise, Inc. has been awarded a $350,000 Business Development Program incentive to expand its West Michigan operations. Lacks proposes to invest up to $31.9 million to establish a new plant in Cascade Charter Townshipto manufacture and warehouse chrome plated plastic parts for the automotive and appliance industries. The company expects to create up to 120 new jobs as a result of the project. Michigan was chosen over competing sites in Kentucky, South Carolina and Virginia. Cascade Charter Township has offered a 12-year tax abatement to the project.
Magna Seating of America, Inc., an operating unit of Magna International Inc., has been awarded a $732,000 Business Development Program incentive to expand its Highland Park operations. The manufacturer of automotive seating systems proposes to invest up to $2.2 million to allow for two new contracts to major automotive original equipment manufacturers. The company expects to create 244 new jobs as a result of the expansion. The City of Highland Park is supportive of the project.
Signed into law by Snyder in December, 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 will consider 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.
The Michigan Business Development Program replaces the state’s previous MEGA program that was a feature of the Michigan Business Tax that was eliminated under business tax restructuring legislation approved and signed into law by Snyder in May 2011.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.