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The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a number of significant items
LANSING– The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a number of significant items, including the designation of the West Michigan Economic Partnership as the state’s newest Next Michigan Development Corporation, the Entrepreneurial Service Provider Request for Proposals and four Michigan Business Development Program incentives.
“In the last 20 months we have greatly improved Michigan’s business climate and infrastructure, making it easier for our businesses to find new paths to prosperity, and the changes are paying off,” said MEDC President and CEO Michael A. Finney. “Today’s actions further demonstrate our commitment to Michigan’s reinvention, leading to more jobs and better lives for our residents.”
West Michigan Economic Partnership –The West Michigan EP regional collaboration is made up of an interlocal agreement among the City of Grand Rapids, City of Kentwood, City of Muskegon, City of Wyoming, Cascade Charter Township, County of Kent and the County of Muskegon. The West Michigan EP will accelerate efforts already underway to transform these areas into centers of economic development activity and hubs for commerce and freight logistics in the regions.
As a Next Michigan Development Corporation, the West Michigan EP’s focus will be on diversifying its industrial base from auto and furniture manufacturing by attracting advanced manufacturing, technology, medical, food processing and renewable energy to enhance the current employment base.
Entrepreneurial Service Provider Request for Proposals – The Request for Proposals (RFP) seeks applications from nonprofit organizations and universities in Michigan to provide specialized support services to assist entrepreneurs in launching and growing high-tech companies throughout the state. The total amount of available funding is $5.25 million. Proposals must be submitted to the MSF via email in PDF format to 2012ESP@michigan.org by September 5, 2012 at 5:00 p.m.
Michigan Business Development Program incentive approvals –
In a separate meeting, The Michigan Economic Growth Authority today approved work plans for two brownfield redevelopment projects expected to generate $3.4 million in new investment and create or retain 25 direct jobs.
Ralph’s Market Redevelopment Project – The City of Grand Rapids Brownfield Redevelopment Authority will use MEGA school and local tax capture valued at $161,000 to redevelop a 1940s era grocery store into an independently owned, full service grocery store in the City of Grand Rapids. The project is expected to generate approximately $2.4 million in new investment and create 15 full time jobs.
Rylee’s Ace Hardware Redevelopment Project – The City of Grand Rapids Brownfield Redevelopment Authority will use school and local tax capture valued at $118,450 to demolish a vacant gas station and redevelop it into Rylee’s Ace Hardware store City of Grand Rapids. The project is expected to generate approximately $1 million in new investment and retain 10 permanent full-time jobs.
Under the Brownfield Redevelopment Act PA 381 of 1996, a municipality may create a Brownfield Redevelopment Authority to develop and implement Brownfield projects using a Tax Increment Financing (TIF) as a tool for property redevelopment. MEDC is responsible for administering Brownfield TIF Plans requesting capture of state education taxes under the direction of the Michigan Economic Growth Authority Board.
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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