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More than $100.7 million in investments by four companies creating 695 jobs were approved today by the Michigan Strategic Fund through the Michigan Business Development Program, the Michigan Economic Development Corporation announced today.
LANSING, Mich. – More than $100.7 million in investments by four companies creating 695 jobs were approved today by the Michigan Strategic Fund through the Michigan Business Development Program, the Michigan Economic Development Corporation announced today.
“These new investments across Michigan will strengthen our communities and fuel more and better jobs for our talented workforce,” said Governor Rick Snyder. “The commitment of these companies to grow and create jobs here further reinforces Michigan's reputation as America's comeback state.”
The Michigan Strategic Fund approved incentives for the following projects:
HTC Global Services, Inc., headquartered in Troy, is a leading global provider of information technology solutions and business process services. HTC plans to expand its development center for software development, testing and maintenance services in the City of Troy. The company plans to invest a total of almost $3.4 million and create over 200 jobs for the project. As a result, HTC has been awarded a $1.75 million Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in other states. The City of Troy is offering support to the project in the form of property tax abatement for eligible personal property.
Niowave, Inc. specializes in commercializing superconducting particle accelerators and is the only company in the world that can design, build, and test superconducting linear accelerators and their associated cryogenic refrigerators. Niowave plans to open a new radioisotope production facility in the City of Lansing. The project has the potential to create up to 120 jobs and a total investment of $79 million. The Michigan Business Development Program is contributing to this project through a $3 million performance-based grant with repayment terms. Michigan was chosen over a competing site in Illinois. The Port Lansing Next Michigan Development Corporation has offered support to the project in the form of a property tax abatement.
SpartanNash of Grand Rapids, a Fortune 500 Company, is the nation's fifth largest grocery distributor. On November 19, 2013, Spartan Stores, Inc. merged with Nash Finch Company. Spartan Stores, Inc. now conducts business under SpartanNash Company. The merger is resulting in a headquarters to be located at the current facility in Byron Center. The company has been awarded a $2.75 million Michigan Business Development Program performance-based grant that will support the retention of 620 existing jobs and the creation of 72 new jobs, as well as provide flexibility for up to 300 additional new jobs to support the company’s future growth needs and capital investment of up to $18.3 million. Michigan was chosen over competing sites in Minnesota and other states. Byron Township will consider a property tax abatement in support of the project.
In addition, the Michigan Strategic Fund approved an $800,000 Michigan Business Development Program performance-based grant to SRI International, a Menlo Park, California-based nonprofit research institute. SRI will establish a clinical trial service facility at the Michigan Life Science and Innovation Center in Plymouth to accelerate the development and commercialization of SRI's technologies and technologies from biotech companies, universities, and hospitals. In September 2012 the Michigan Strategic Fund approved a Center of Innovation designation and $5 million in funding.
The MSF also approved the request by the County of Washtenaw Brownfield Redevelopment Authority to capture an additional $1.35 million in local and school taxes for MSF eligible infrastructure improvements at the Packard Square Redevelopment Project in the City of Ann Arbor.
To view a video on HTC Global Services and Niowave, visit here: http://youtu.be/nyFtAmxsiL8.
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.
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.