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Friday, November 16, 2012
he Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of Michigan Business Development and Community Revitalization program incentives to six companies planning expansions in the state.
LANSING – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of Michigan Business Development and Community Revitalization program incentives to six companies planning expansions in the state. The projects are expected to generate up to $110 million in investments and add 616 new jobs in Michigan.
“From leading-edge technology to the renovation of a historic theater, these projects will further our aims to revitalize our state and bring new jobs to our communities,” said MEDC president and CEO Michael A. Finney. “We are leveraging Michigan’s highly competitive business climate and tremendous workforce capabilities into real opportunities for growing companies.”
The projects approved today:
The Armored Group, headquartered in Dearborn, supplies SUV ballistic vehicles, SWAT vehicles and Cash in Transit vehicles, to government agencies around the world. The company plans to expand its existing operation in the City of Dearborn Heights to increase vehicle production capabilities, investing $1.5 million and creating 240 new jobs. The Armored Group has been awarded a Michigan Business Development performance-based grant in the amount of $1 million as a result of the expansion. The City of Dearborn Heights has offered a five-year tax abatement in support of the project.
A $38,000 Community Revitalization Program performance-based grant has been awarded to Detroit Mutt, LLC for a historical renovation project located at 1444 Michigan Avenue in the Corktown District in the City of Detroit. The rehabilitation will include a new façade and interior restoration of the building while maintaining its historical character. The finished project will include retail/commercial space along with residential units. The project is expected to generate a total capital investment of up to $486,414 and create two full-time jobs. The City of Detroit has offered a 12-year tax abatement valued at $45,318.
Henrob Corporation, headquartered in Livonia, manufactures self-piercing rivets for the automotive industry. Henrob plans to expand and relocate its operations to Lyon Township, investing $68.5 million and adding 152 new jobs. As a result of the expansion, Henrob has been awarded a $300,000 Michigan Business Development performance-based grant. Michigan was chosen over a competing site in Indiana. Lyon Township has offered a 12-year tax abatement valued at $3.3 million.
Shiawassee Center, an entity formed by the nonprofit group Owosso Community Players, plans to fully renovate the Joseph H. Lebowsky Theatre in downtown Owosso into a completely rehabilitated 550-seat theatre that will feature concerts and artistic performances. The project is expected to generate an overall investment of $6.74 million and create two new jobs. Shiawassee Center was awarded a Community Revitalization Program performance-based grant of $446,000. The City of Owosso has offered a bridge loan to the project in the estimated amount of $250,000.
Summit Polymers supplies interior kinetic and decorative components and systems to the automotive industry. Summit plans to expand existing operations in the City of Portage, City of Sturgis and Village of Vicksburg, investing a total of $9.3 million and creating a total of 70 new jobs. As a result of the expansions, the company has been awarded a $370,000 Michigan Business Development performance-based grant. The communities have offered support to the project in the form of property tax abatements.
Undercar Products Group is a subsidiary of Canada-based ABC Group, a leading automotive systems and components manufacturer. The ABC Group is considering expanding its existing facility in the City of Wyoming for new work related to the manufacture of HVAC, interior seat and windshield washer systems for the automotive industry. The company plans to invest up to $26 million and create up to 150 new jobs, resulting in a $475,000 Michigan Business Development Program incentive. Michigan was chosen over competing sites. The City of Wyoming has offered a tax abatement to the project valued at $1.2 million.
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 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.
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