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Wednesday, September 25, 2013
The Michigan Economic Development Corporation today announced Michigan Strategic Fund approvals of incentives and grants to seven projects across the state
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approvals of incentives and grants to seven projects across the state that in total will mean nearly $111.1 million in private investment and 333 new jobs in Michigan.
“Today’s wide ranging new projects will all lead to greater economic opportunities for people across Michigan,” said Gov. Rick Snyder. “These new investments demonstrate that Michigan is proving to be a more attractive place to do business and create jobs and reinforce once again that Michigan is America's Comeback State."
The MSF-approved projects include one in the Thumb region, two in Southeast Michigan, two in Grand Rapids and two in Northern Michigan.
Michigan Business Development Program incentive:
Dairy Farmers of America, a national milk marketing cooperative, plans to build and equip a new dairy manufacturing plant at a site in the Village of Cass City, investing $40 million and creating 25 jobs. As a result, the company has been awarded a $500,000 Michigan Business Development Program performance-based grant. In addition, The Michigan Economic Development Corporation is awarding the company $300,000 in corporate funds.
MSF also approved a $1 million Community Development Block Grant program infrastructure grant for wastewater treatment facility improvements needed for the plant. The Village of Cass City has offered support to the project by providing revenue bonding necessary for a wastewater treatment plant and public infrastructure improvements. Additionally, MSF awarded Tuscola County and Cass City a new 15-year Agriculture Processing Renaissance Zone designation for the project.
Michigan Community Revitalization Program incentives:
1145 Griswold St. LLC and Development Michigan have been awarded a $4.1 million Michigan Community Revitalization Program performance-based loan participation to renovate the former Capitol Park Building located at 1145 Griswold St. in the west district of the City of Detroit. The project will convert a vacant and dilapidated 11-story building into commercial space and 63 residential units. The project is the second of three Capitol Park redevelopment projects; in May, the first phase received a $6 million MCRP loan for the renovation of the former Chamber of Commerce building located at 1212 Griswold St. The project will generate a total capital investment of up to $22.5 million and create 60 jobs. The City of Detroit is supporting the project with a 12-year Obsolete Property Tax Abatement.
Woodward Brown Associates, LLC has been awarded a $3.3 million Michigan Community Revitalization Program performance-based loan participation to construct a new five-story mixed use structure on the corner of Woodward Ave. and Brown St. in the City of Birmingham. The new building, to be known as the Balmoral, will include commercial office, retail and residential space. The project is expected to generate up to $27.8 million in total capital investment and create 200 jobs.
Dwelling Place of Grand Rapids was awarded a $293,659 Michigan Community Revitalization Program performance-based grant for the construction of a three-story urban infill building located at 320 Commerce Avenue in the City of Grand Rapids. The project, part of a comprehensive redevelopment effort of the entire block, is expected to generate $1.48 million in total investment for commercial office space on the first floor.
Herkimer Apartments Limited Dividend Housing Association Limited Partnership was awarded a $305,157 Michigan Community Revitalization Program performance-based grant for the renovation of the historic Herkimer Hotel, located at 323 S. Division in the City of Grand Rapids, into first floor market rate live/work commercial spaces and 55 affordable residential units on the upper levels. The project will generate up to $17 million in total capital investment and create 18 jobs. The City of Grand Rapids is supporting this project and the Dwelling Place of Grand Rapids Project with a 35-year PILOT valued at $3.6 million.
Community Development Block Grants:
Charlevoix County has received $350,000 in CDBG funds for job training for the Precision Edge Surgical Products expansion project in Boyne City. Precision Edge Surgical Products, LLC, headquartered in Sault Ste. Marie, plans to expand its Boyne City facility by adding $2 million in equipment and creating 30 new jobs. The company has agreed that at least 16 of the positions will be held by low to moderate income individuals. Boyne City plans to support the project through property tax abatements valued at $251,000.
The City of Houghton has been awarded $640,811 in CDBG funds for façade improvements on four buildings located on Shelden Ave. within the traditional downtown core of Houghton. The project is receiving private matching funds from the business owners totaling $216,104.
Pure Michigan is a brand representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead advocate for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.
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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