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Wednesday, May 23, 2012
The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of Michigan Business Development Program incentives for four West Michigan businesses
LANSING – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of Michigan Business Development Program incentives for four West Michigan businesses that are expected to generate up to $15.7 million in new private investment and add 465 new jobs.
“These four companies, all located in 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. “These new investments show once more Michigan’s highly competitive business climate and tremendous workforce capabilities mean real opportunities for leading edge companies.”
Center Manufacturingis a metal stamping company serving the commercial vehicle, power sports, agricultural and industrial markets. Center Manufacturing has won new contracts with Honda Power Sports and plans to invest up to $1.02 million to expand its Byron Township operations. Center Manufacturing expects the project to create 80 new jobs, resulting in a $300,000 Michigan Business Development Program incentive. Center Manufacturing was chosen for the contracts over competition in North Carolina, South Carolina and Georgia. Byron Township has offered support to the project in the form of tax abatement.
Huntington Foam LLC, a custom foam shape molder for the appliance, plumbing, furniture, electronics and automotive industries, has received a $340,000 Michigan Business Development Program incentive to expand its current facility in the City of Greenville. Huntington Foam proposes to invest up to $2.56 million and create 30 new jobs as a result of the project. Michigan was chosen over neighboring states that were courting Huntington Foam over the last six months. The City of Greenville has offered support in the form of a 12 year property tax abatement to the project.
MedDirect, Inc., a Grand Rapids-based patient customer service and patient pay accounts receivable management company, was approved to receive a $750,000 Michigan Business Development Program incentive to open a new facility in the City of Grand Rapids. MedDirect proposes to invest up to $2.1 million and create up to 300 new jobs over the next three years. Michigan was chosen over sites in Ohio and Illinois. The City of Grand Rapids has offered support in the form of a seven-year personal property tax abatement to the project.
Muskegon Castings Corporation,a member of the Port City Group of companies,manufactures aluminum die castings, zinc die castings, plastic injection molding, and provides tool and die design and production, aluminum recycling and smelting, and LED lighting and assemblies. Muskegon Casting has received a $540,000 incentive to expand its existing Michigan operations by establishing a new facility in the City of Muskegon. Muskegon Castingsproposes to invest up to $10 million, resulting in the creation of 55 new jobs. Michigan was chosen over a competing site in Indiana. The City of Muskegon has offered support to the project in the form of a 12-year tax abatement.
Also today, the Michigan Strategic Fund board approved a $1.6 million Michigan Business Development Program incentive for Amway to build a new facility in Ada Township, a project that will generate up to $80.95 million in new private investment and add up to 200 new jobs.
Signed into law by Governor Rick 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. The Michigan Business Development Program and Michigan Community Revitalization Program are MEDC Business Attraction and Economic Gardening programs, supported by the MSF state general fund appropriation.
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.
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