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Tuesday, March 25, 2014
The MEDC today announced MSF approval of that in total will generate $133.6 million in new capital investment and create 406 new jobs.
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of economic development and community revitalization projects that in total will generate $133.6 million in new capital investment and create 406 new jobs in Michigan.
“Michigan is America’s Comeback State and these projects add to our growing momentum,” said Gov. Rick Snyder. “These new investments in our state will strengthen our communities, spur new commercial investment in our cities and fuel new opportunities for our talented workforce.”
BorgWarner Inc., headquartered in the City of Auburn Hills, is a global leader in powertrain solutions focused on technologies that improve fuel economy, emissions, and performance. BorgWarner plans to expand its Powertrain Technical Center in Auburn Hills, investing up to $11 million and creating up to 200 new jobs related to motor vehicle transmission and powertrain parts manufacturing. As a result, the company has been awarded a $3.2 million Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in several other states. The City of Auburn Hills has offered support to the project in the form of property tax abatement. Job seekers interested in employment opportunities with BorgWarner should visit http://www.borgwarner.com/en/Careers/default.aspx.
The M1 Rail project is a three-mile modern streetcar project to be constructed along Woodward Avenue from Larned Street in the Central Business District to Grand Boulevard in the New Center area in the City of Detroit. There are eleven proposed stops along the new transit line which were strategically selected to connect with DDOT and SMART bus routes, the Detroit People Mover, Megabus and Amtrak. The project is expected to generate a total capital investment of $130 to $140 million and create up to 41 new permanent jobs. As a result, the project has been awarded a $10 million Michigan Business Development Program performance-based loan. For more information, visit m-1rail.com.
The Grand Rapids Arena Place Development is a proposed mixed-use office, retail and residential high-rise to be located in the Arena South District of downtown Grand Rapids. The project is expected to generate a total capital investment of $44 million and create 65 new full-time jobs, resulting in a $4.5 million Michigan Community Revitalization Program performance-based loan participation.
The Joe Louis Agreement provides up to $6 million in Michigan Community Revitalization Program performance-based economic assistance for the demolition of Joe Louis Arena in the City of Detroit. The demolition is anticipated to spur new commercial investment along the Detroit riverfront. The demolition of the JLA is part of a larger agreement involving the Olympia Development, the City of Detroit Downtown Development Authority and the State of Michigan to facilitate the development of a $450 million new events center and at least $200 million in ancillary private development.
965 Wanda Project – The City of Ferndale Brownfield Redevelopment Authority is seeking approval of local and school tax capture in the amount of $717,829 for the redevelopment of a vacant industrial building in downtown Ferndale into new industrial space for Brass Aluminum Forging. The project is expected to generate a total capital investment of $8.6 million and create 50 full-time jobs at Brass Aluminum Forging, and approximately 50 additional jobs by the other tenants of the building.
The Michigan Strategic Fund adopted a Bond Authorizing Resolution in the amount not to exceed $100 million for the construction of the Facility for Rare Isotope Beams to be built on the campus of Michigan State University. In February, the MSF approved the inducement resolution for issuance of private activity bonds for the community share of the project. The total civil construction cost is estimated to be $165 million. MSU estimates that in the next 10 years, approximately 400 new full-time jobs will be created. When construction of the facility begins, an estimated 5,000 one-year construction jobs will be created.
“Today’s projects will help strengthen and revitalize these Michigan communities and help growing companies generate new job opportunities,” said MEDC President and CEO Michael A. Finney. “We should all applaud these investments in Michigan’s future.”
Michigan residents interested in seeking employment with any of Michigan’s growing companies should check mitalent.org, where more than 60,000 jobs are available in a variety of industries.
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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