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Wednesday, March 18, 2015
Projects will generate $59.6 million in new investment, create 185 new jobs
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of two business expansions and two community revitalization projects in Michigan that are expected to generate nearly $59.6 million in investments and create 185 new jobs.
“Today’s investments offer even more evidence of Michigan’s improving economy and the success of our strategy to help companies grow and add jobs here,” said MEDC Chief Executive Officer Steve Arwood. “These projects will further revitalize our communities and bring new jobs to our residents.”
DENSO Manufacturing Michigan, Inc. is a subsidiary of DENSO International America, Inc., a manufacturer of auto air conditioning and engine cooling components and systems, including condensers, radiators, heater cores, evaporators, HVAC units and more. DENSO Manufacturing Michigan plans to expand its auto components manufacturing operations in the City of Battle Creek, investing more than $53.6 million and creating 100 new jobs. As a result, the company has been awarded a $640,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Arkansas, Ontario and Mexico. The City of Battle Creek has offered support to the project in the form of property tax abatement. For information on careers with DENSO Manufacturing Michigan, visit http://www.densocorp-na.com/careers/working-at-denso.
NEMO Capital Partners, LLC is a privately-held investment company with a portfolio of healthcare holdings centered on technological solutions for physicians and their technology distributors. In July 2014 the company and its subsidiaries announced plans to consolidate its Ohio and New Jersey operations to a new headquarters in the City of Southfield, resulting in a $500,000 Michigan Business Development Program performance-based grant. The company now plans to transfer the remainder of its New Jersey operations to its Southfield facility, adding 50 new jobs and investing $457,300. As a result, its MBDP grant will be increased by $250,000. For information on employment opportunities with NEMO Capital Partners, visit http://nemocp.com/careers/ or http://www.traknetpm.com/us/careers/.
Wabash & Main LLC and Wabash & Main Properties Corp plan to renovate four partially vacant, historic buildings in downtown Milan. The project includes renovating commercial space that will retain the existing bakery and create additional office and restaurant space. The second and third floors will be renovated into 15 new apartments. The project will generate a total capital investment of nearly $5.3 million and anticipated creation of 25 full-time equivalent jobs, resulting in an $873,601 Michigan Community Revitalization Program performance-based grant. The City of Milan has approved a 10-year property tax abatement valued at $404,000. The project will also receive federal historic tax credits and $967,200 from the Michigan State Housing Development Authority.
The City of Brighton has received $76,886 in Community Development Block Grant funds for façade improvements needed for the Yogurtopia Building Façade project located in downtown Brighton. The Yogurtopia project will renovate the vacant building located at 332 W. Main St. into a full-use yogurt store with complete interior remodeling, a new façade and sitting area at the rear of the building. The project will generate a total capital investment of $220,940 and create 10 jobs, with at least six of the jobs to be held by low to moderate income persons. The City of Brighton will contribute staff time in support of the project.
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.
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