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Wednesday, October 16, 2013
The MEDC today announced that four companies were approved for incentives by the MSF through the Michigan Business Development and Community Revitalization Programs to support their expansions
LANSING – The Michigan Economic Development Corporation today announced that four 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 $41.7 million in investments and add 70 new jobs in Michigan.
“From manufacturing to local vendors and residential property, these four projects will further revitalize our state and bring new jobs to our communities,” said Michael A. Finney, MEDC President and CEO. “These new investments show Michigan’s highly competitive business climate and talented workforce mean real opportunities for growing companies.”
The Michigan Strategic Fund approved incentives for the following projects:
Triumph Gear Systems-Macomb, Inc., a wholly owned subsidiary of Triumph Group, Inc., is a world class manufacturer and supplier of complex gear assemblies, detail gears and an array of components servicing the aerospace industry. The company is expanding its facility in Macomb Township. The project will create 60 jobs and a total capital investment of up to $15.2 million in Macomb Township. As a result, the company is being awarded a $250,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in other states. Macomb Township has offered a 10-year property tax abatement valued at $662,400.
A $1 million Community Revitalization Program performance-based grant has been awarded to Harbortown Riverside, LLC and Harbortown Riverside Financing, Inc. to construct a 164,620 square foot, five-story, riverfront residential apartment building within the existing Harbortown complex on approximately 4.6 acres in the City of Detroit. The property will be redeveloped by Harbortown Riverside, LLC’s owners Scott Jonna and Jordan Jonna. The project is expected to create a total capital investment of nearly $20 million and three full-time jobs. The residential apartment building will include 134 rental units, with a mix of one-bedroom, two-bedroom and three-bedroom apartments. All units will offer views of the Detroit River.
A $445,000 Community Revitalization Program performance-based grant has been awarded to Hotel Sterling II, LLC to renovate and convert a long vacant and obsolete former Sears building in the City of Wyandotte into a 21-room boutique hotel, conference and banquet facility. The project will create three full-time jobs and is anticipated to result in a total capital investment of $2.5 million in the City of Wyandotte. The building has been significantly underutilized since Sears vacated it in the 1970s and requires extensive upgrades by owners/developers Kenneth and Rebecca Wickenheiser, who own and developed a sister project in Monroe, Hotel Sterling.
A $710,000 Community Revitalization Program performance-based grant has been awarded to the Downtown Muskegon Development Co. to move the existing Muskegon Farmer’s Market to a new downtown location in the City of Muskegon. The project will include the construction of two all-season buildings, outdoor seasonal vending space and on-site parking on the 3.92 acre site. The project is expected to create four full-time jobs and is anticipated to have a total capital investment of nearly $4 million. There will be space for 20 vendors year round as well as office space and a commercial kitchen for community programs and small business incubation. Throughout the year, the new market will be a multi-use facility for many activities, including outdoor ice skating rinks and lights to allow evening events.
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.
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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