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Monday, September 8, 2014
The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a Michigan Business Development Program incentive and a Community Development Block Grant award for two business expansions in the Lansing area.
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a Michigan Business Development Program incentive and a Community Development Block Grant award for two business expansions in the Lansing area. The projects are expected to generate up to $5.8 million in investments and add 60 new jobs.
“The decision of these two world-leading companies to expand here underscores Michigan’s business-friendly environment and talented workforce,” said MEDC President and CEO Michael A. Finney. “These projects mean more jobs and greater economic opportunities for Michigan residents.”
The projects approved today:
Neogen Corporation, based in the City of Lansing, is a leading company in the development and marketing of solutions for food and animal safety. The company plans to renovate an existing building in Lansing that will include office, lab and manufacturing space, investing more than $1 million and creating 25 jobs. As a result, the company has been awarded a $100,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in multiple states. The City of Lansing has offered support to the project in the form of property tax abatement. Individuals interested in career opportunities with Neogen should visit www.neogen.com.
Ingham County has been awarded $300,000 in Community Development Block Grant funds for job training for the Orchid Orthopedic Solutions, LLC (Orchid) project in Delhi Township. Orchid, a world-leading medical device contract design and manufacturing company, is currently operating its existing equipment at near full capacity. The company plans to invest approximately $4.8 million in new machinery and hire 35 additional employees over the next two years. The CDBG funds will assist the company with training of the new employees. In return, the company has agreed that at least 18 of the 35 positions will be held by low to moderate income persons. To learn more about Orchid or to view current job opportunities visit their website at www.orchid-ortho.com.
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.
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