The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of economic development and community revitalization projects...
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 nearly $148 million in new capital investment and create 352 new jobs in Southeast Michigan.
“These new investments in Southeast Michigan are strong additions that will revitalize communities and bring new jobs for our residents,” said Gov. Rick Snyder. “We have bettered our state’s business climate and our efforts are showing solid results. These new investments will mean greater economic opportunities for Michigan businesses and citizens.”
The MSF-approved projects include an expansion of Toyota’s facility in York Township, three new multifamily housing developments in Detroit, and two brownfield work plans for business expansions in Detroit and Redford Charter Township.
“Today’s projects, all examples of public-private teamwork, will help strengthen communities and help growing companies generate new job opportunities,” said MEDC President and CEO Michael A. Finney. “The scope of these deals tells us much about Michigan’s comeback.
“Toyota is making a significant investment to grow its tech center workforce here. And far-sighted developers are restoring neighborhoods with two dozen new buildings that will create a walkable mix of residential, commercial and retail spaces along Detroit’s riverfront.”
MICHIGAN BUSINESS DEVELOPMENT PROGRAM INCENTIVE:
Toyota Motor Engineering and Manufacturing North America, Inc. is engaged in engineering design, vehicle evaluation, materials research, prototype building, powertrain tuning, safety/crashworthiness, regulatory affairs and advanced research for Toyota and Lexus vehicles manufactured or sold in North America. The company has R&D facilities in Ann Arbor, York Township, Plymouth and Livonia. The company plans to relocate its direct procurement operations from Erlanger, KY to its campus in York Charter Township (Washtenaw County) as part of an increased investment in engineering capabilities. The expansion will require the company to construct a new facility at its York Township location, investing up to $32.5 million and creating 250 jobs. As a result, Toyota has been awarded a $4 million Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in multiple states. York Charter Township is considering support of the project in the form of 12-year property tax abatement valued at $4.6 million. York Charter Township provided tax incentives to Toyota for its past expansion in the community. Throughout Toyota’s efforts to secure incentives for its expansion, Ann Arbor SPARK was a critical partner in facilitating communications and meetings between the company and York Township. Ann Arbor SPARK also assisted with the application process, including helping Toyota secure letters of support and review tax information.
Individuals interested in career opportunities with Toyota Motor Engineering and Manufacturing should visit http://www.toyota.com/usa/careers/index.html.
BROWNFIELD WORK PLANS/ MICHIGAN COMMUNITY REVITALIZATION PROGRAM ASSISTANCE:
Du Charme Place LLC – The City of Detroit Brownfield Redevelopment Authority will use local and school tax capture in the amount of $4,759,351 for the redevelopment of property located on East Lafayette Street in the City of Detroit. The finished project will consist of a new market-rate residential development with 185 apartments and a fitness center. The project is expected to generate nearly $38.5 million in total capital investment and create six full-time jobs.
In addition, the MSF approved $5.7 million in Michigan Community Revitalization Program performance-based equity support for the project.
Orleans Landing Project– The City of Detroit Brownfield Redevelopment Authority received approval of local and school tax capture in the amount of $6,495,862 for the redevelopment of property located at Franklin and Orleans streets in Detroit. The completed project, Orleans Landing, will consist of 20 new buildings with retail/commercial space and 278 units of multifamily housing. The project is expected to generate a total capital investment of $61 million and create 39 full-time jobs.
The MSF also approved $7.61 million in Michigan Community Revitalization Program performance-based equity support for the project and re-authorized a Brownfield Michigan Business Tax Credit in the amount of $6,983,874.
BROWNFIELD WORK PLANS:
Comprehensive Logistics – The City of Detroit Brownfield Redevelopment Authority will use local and school tax capture in the amount of $949,562 for the redevelopment of property located on McGraw Street in Detroit. The project will include the construction of a warehouse and office building for use by Comprehensive Logistics Co, a service provider to automotive OEMs, Tier 1 suppliers and industrial customers. The previously announced project will generate approximately $19.1 million in total capital investment and create 240 full-time jobs. In October 2013, Comprehensive Logistics received an $800,000 Michigan Business Development Program performance-based grant for this project.
El Moore Greens – The City of Detroit Brownfield Redevelopment Authority received approval of local and school tax capture in the amount of $762,960 for the redevelopment of property located at West Alexandrine and Second Avenue in Detroit. The property is owned by Green Garage, LLC, a developer that focuses on sustainable building renovation practices and community education regarding green infrastructure. The site includes the historic El Moore apartments, which will be renovated into 23 residential units. The surrounding property will be built out with greenhouses, urban agriculture infrastructure, a community green space and a four-season retail building for the sale of locally produced goods and food products. The project is expected to generate a total capital investment of $6.9 million and create two full-time jobs.
George Matick Auto Campus– The Redford Charter Township Brownfield Redevelopment Authority will use local and school tax capture in the amount of $719,528 for the redevelopment of property on Telegraph Road in Redford Charter Township.The project consists of the renovation of the George Matick Chevrolet dealership as well as the construction of a new car wash and fuel service center. The project is expected to generate a total capital investment of $9 million and create 55 jobs.
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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