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Monday, June 4, 2012
The Michigan Economic Development Corporation today announced that the Michigan Strategic Fund has approved a $900,000 Michigan Business Development Program incentive for the expansion of AGS Automotive’s Sterling Heights operations
LANSING – The Michigan Economic Development Corporation today announced that the Michigan Strategic Fund has approved a $900,000 Michigan Business Development Program incentive for the expansion of AGS Automotive’s Sterling Heights operations, a project that will generate up to $21.2 million in new private investment and add up to 90 new jobs.
“AGS plays an important role in our automotive supply chain and its decision to expand here demonstrates that Michigan is a great place to do business,” said MEDC President and CEO Michael A. Finney. “This new investment shows Michigan’s highly competitive business climate and world class workforce mean real opportunities for leading edge companies.”
AGS Automotive, a manufacturer of automotive bumper system assemblies, has been awarded a $900,000 Michigan Business Development Program incentive to expand its Sterling Heights operations. AGS proposes to invest up to $21.2 million to secure and upgrade an existing vacant building in Sterling Heights, creating up to 90 new jobs as a result of the project. The City of Sterling Heights has offered support in the form of a tax abatement to the project.
“When AGS considered alternate sites for an expansion of its footprint, MEDC, through the Michigan Strategic Fund, demonstrated leadership through its continued commitment to the automotive industry, said AGS Co-President Joe Leon. “This was very important to us.”
“MEDC’s seamless approach to providing state, county and city support and its tremendous responsiveness in providing that support was a key element in AGS choosing Michigan as the place to undertake a major expansion,” said fellow AGS Co-President Joe Loparco.
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.
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.
