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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 and Community Revitalization Programs to support their expansions in the state. The projects are expected to generate up to nearly $22 million in investments and add up to 201 new jobs in Michigan.
“These three companies are demonstrating that Michigan can compete with any state in the country as a great place to grow a business,” 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.”
Altronics Energy, LLC has been awarded a $450,000 Business Development Program incentive to expand its West Michigan operations. Altronics proposes to invest up to $2.6 million to expand its operations in Byron Townshipto conduct complete manufacturing of small wind turbines as well as serve as the lead North American distributor of the turbines. The company expects to create up to 90 new jobs as a result of the project. Michigan was chosen over competing sites in Ontario and South Carolina. Byron Township has offered a tax abatement to the project.
Ellington WF, LLC is part of a group of companies that manages and operates properties and is a developer of retail, multifamily and commercial mixed-use urban infill projects. Ellington WF, LLC has been awarded a $1 million Community Revitalization Program performance-based grant to offset costs for site preparation and construction of the new Whole Foods building in the City of Detroit. The project is expected to create 80 permanent jobs, with a total capital investment of up to $14.9 million.
FIAMM Technologies, LLC has been awarded a $500,000 Business Development Program incentive to expand its manufacturing facility in the City of Cadillac. The manufacturer of automotive horns proposes to invest up to $4.4 million to expand capacity in order to meet the growing demand for its products in both North America and export markets. This expansion will create 31new jobs over the next two years. The City of Cadillac is supportive of a financial commitment to the project in the form of a tax abatement estimated at $252,000.
In March, Governor Rick Snyder met with executives from FIAMM during his investment mission to Europe, when he led a delegation to promote business opportunities in Michigan to German and Italian company executives and government officials.
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.
The Michigan Community Revitalization Program provides grants, loans, or other economic assistance of up to $10 million to projects that will revitalize regional urban areas, act as a catalyst for additional investment in a community, reuse vacant or historic buildings and promote mixed use and sustainable development.
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.