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Wednesday, August 13, 2014
The MEDC today announced MSF approval of two business expansions and a community development project that are expected to generate nearly $20 million in investments and add up to 364 new jobs
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of two business expansions and a community development project that are expected to generate nearly $20 million in investments and add up to 364 new jobs in Michigan.
“The commitment of these companies to grow and create jobs here demonstrates the significance of our greatly improved business climate and infrastructure,” said MEDC president and CEO Michael A. Finney. Today’s projects, representing a variety of industries, mean more jobs and greater economic opportunities for Michigan residents.”
The Michigan Strategic Fund approved incentives for the following projects:
Anchor Coupling, Inc., established in 1938 in the Chicago area, moved its corporate offices to Menominee in 1978 and has been a wholly owned subsidiary of Caterpillar Inc. since 1993. The company is a manufacturer of high and medium pressure hydraulic hose and coupling assemblies for large and small original equipment manufacturers including Caterpillar. The company plans to purchase a building adjacent to its existing facility in the City of Menominee, investing more than $9 million and adding up to 120 new jobs.
Earlier today at a celebration at Anchor Coupling’s Menominee facility, Gov. Rick Snyder announced that the Michigan Strategic Fund has awarded the company a $1 million Michigan Business Development Program performance-based grant. Michigan was chosen for the expansion over other sites in the U.S. and Mexico. Individuals interested in career opportunities with Anchor Coupling should visit www.caterpillar.com/careers.
Duffey Petrosky & Company, founded in 1997 in Farmington Hills, is an advertising and strategic marketing agency serving client organizations in the automotive, IT, healthcare and finance sectors. The company plans to renovate its existing facility in the City of Farmington Hills, investing up to $912,708 and creating 204 jobs. As a result, the company has been awarded a $1 million Michigan Business Development Program performance-based grant. The City of Farmington Hills is offering support to the project in the form of expanded parking space at the facility. Individuals interested in career opportunities with Duffey Petrosky should send an email firstname.lastname@example.org.
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 considers 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 Strategic Fund also awarded $550,000 in Community Development Block Grant funds to the Village of Cassopolis. The funds will be used toward job training for the Postle Operating, LLC expansion project in Cassopolis. Postle Operating, a producer of extruded aluminum products for recreational vehicles, is investing nearly $10 million in the project, which will expand the company’s production capabilities and create up to 40 new full-time jobs over the next two years. The company has agreed that at least 21 of the jobs will be held by low to moderate income persons. The Village of Cassopolis will provide support to the project by waiving utility connection fees estimated at $10,395. In June 2013, Postle Operating received a $400,000 CDBG on-the-job training grant, and the company has been meeting its compliance obligations as well as the job creation milestones for that grant.
The MSF, in cooperation with MEDC, administers the economic and community development portions of the Community Development Block Grant program. CDBG is a federal grant program utilizing funds received from the U.S. Department of Housing and Urban development.
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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