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MEDC announces MSF approval of a business expansion project and a community development project
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a business expansion project and a community development project that will generate $15.1 million in investment and create 90 jobs.
“Today’s investments will lead to improved communities and more and better jobs for our residents,” said MEDC CEO Steve Arwood. “These projects offer strong evidence of Michigan’s improving economy and the success of our strategy to help Michigan companies grow here.”
Boyne City and Boyne Valley Township have received $328,000 in Community Development Block Grant funds for infrastructure improvements needed for the Boyne Mountain Alpine Coaster project located in Boyne Valley Township. Boyne USA plans to expand its operations by constructing 18 condominiums and an alpine mountain coaster. The CDBG funds will be used to upgrade the current sewer line, which is critical in order to move forward with this expansion. The project will generate a total capital investment of nearly $5.2 million and create 38 jobs. Boyne City and Boyne Valley Township will contribute $116,600 toward the total infrastructure and engineering costs.
Fori Automation, Inc., headquartered in Shelby Township since 1984, designs and builds automation, assembly, testing and welding equipment for the automotive and aerospace industries. The company is experiencing significant growth and plans to consolidate its existing two facilities into a larger facility in Shelby Township. The project will generate a total capital investment of $9.9 million and create 52 jobs, resulting in a $250,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in several states and other countries. Shelby Township has offered support to the project in the form of a property tax abatement. Individuals interested in career opportunities with Fori Automation should visit www.foriauto.com and send resumes to 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, 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.
Pure Michigan is a brand representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead advocate for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.
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.