The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a business expansion and three community revitalization projects around the state that will generate nearly $1 million in private investment.
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a business expansion and three community revitalization projects around the state that will generate nearly $1 million in private investment.
“These projects will strengthen and further revitalize our communities and help generate new job opportunities for Michigan residents,” said MEDC President and CEO Michael A. Finney. “Michigan’s unemployment rate has just dropped again, and today’s projects offer even further evidence of Michigan’s improving economy and the success of our strategy to help companies grow and add jobs here.”
The Michigan Strategic Fund approved incentives for the following projects:
Hannigan Insurance Agency, LLC, incorporated in 1998, is a technology company, national insurance brokerage and internet distribution platform for the insurance and financial services industry. The company plans to expand its Michigan presence and establish a national call center in the Ann Arbor region, investing up to $516,000 and creating 75 jobs. As a result, the company has been awarded a $400,000 Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in Ohio. Ann Arbor SPARK has offered support to the project in the form of a marketing package, hiring event and other job matching assistance. Individuals interested in career opportunities with Hannigan should visit http://hanniganinsurance.com/careers/.
Marine City has been awarded $195,310 in Community Development Block Grant funds for façade improvements needed for three buildings in downtown Marine City. The properties are the Snug Theater, the Riviera Restaurant, and a distressed building that is currently vacant. The project is expected to generate total private investment in the amount of $286,182.
The City of Petoskey has received a $12,500 Community Development Block Grant for a planning study needed for the Sunset Square Redevelopment Project in downtown Petoskey. The property has sat vacant for more than eight years and has a new owner who is working to assemble a development team and general site plan that the community can support. The study will examine potential land uses for the property, such as a hotel and conference center, and the market’s need for this type of land use. The City of Petoskey is contributing matching funds in the amount of $12,750.
The City of Sault Sainte Marie has received $497,615 in Community Development Block Grant funds for five building improvements needed for the Downtown Façade Project. The buildings are located on Ashmun Street and East Portage Avenue in downtown Sault Ste. Marie. The project is expected to result in private investment of $165,212 from the property owners.
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, 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.
Each year Michigan receives approximately $30 million in federal CDBG funds, out of which various projects are funded throughout the state. Funds are used to provide grants to eligible counties, cities, villages, and townships, usually with populations under 50,000, for economic development, community development and housing projects.
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.