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Wednesday, November 13, 2013
The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of Michigan Business Development Program incentives to three companies planning expansions in the state.
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of Michigan Business Development Program incentives to three companies planning expansions in the state. The projects are expected to generate up to $24 million in investments and add 403 new jobs in Michigan.
“These expansions in our automotive and IT sectors highlight Michigan’s singular leadership in making things and making things work,” said MEDC president and CEO Michael A. Finney. “These projects all mean more jobs and greater economic opportunities for people across Michigan.”
The Michigan Strategic Fund approved incentives for the following projects:
Cooper-Standard Automotive Inc. is a global automotive supplier, offering solutions in body sealing, fuel, brakes, emissions, thermal management and anti-vibration systems. Cooper-Standard has recently been awarded replacement business for the Ford P415 assembly, requiring additional manufacturing space and related production equipment at its facility in Comins Township (Oscoda County). The company plans to invest up to $6.3 million and create 177 jobs. As a result, the company has been awarded a $1 million Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Tennessee, Arkansas and Mexico. Comins Township has offered support in the form of a 12-year property tax abatement valued at $397,000.
Pillar Technology Group, LLC, founded in Michigan, is a software development and consulting company that creates digital software solutions. Pending local support, Pillar is planning to open a software studio and innovation center in the City of Ann Arbor called “Forge” that will allow rapid development of software products and solutions. The company will invest up to $1.43 million and create 45 jobs, resulting in a $350,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Ohio and Iowa. Ann Arbor SPARK has and will continue to work with the company as it takes steps to establish and grow an office in the region.
Ventra Grand Rapids 5, LLC, an automotive component supplier, is purchasing a new building and additional assembly equipment in the City of Kentwood to expand its current lighting product line and acquire new work from large automotive companies in Michigan. The company plans to invest up to $16.3 million and create 181 jobs, resulting in a $650,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in other states. The City of Kentwood is offering support to the project in the form property tax abatement.
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.
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