Projects total $14.4 million in new investment, 124 new jobs
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of one business expansion and three community revitalization projects in Michigan that will generate $14.4 million in private investment and create 124 jobs.
“Today’s projects offer further evidence of Michigan’s improving economy and reinforce once again that Michigan is the Comeback State,” said MEDC Chief Executive Officer Steve Arwood. “These projects will strengthen and further revitalize our communities and help generate new job opportunities for Michigan residents.”
The Michigan Strategic Fund approved incentives for the following projects:
Michigan Business Development Program:
Plasan North America, Inc. is a leading manufacturer of survivability solutions for ground/ airborne platforms, advanced composite structures and active protection systems for the Department of Defense and other government agencies. The company developed key survivability solutions for the MRAP and MAT-V programs that provided lifesaving technology in support of the U.S. military operations in Iraq and Afghanistan. PNA is currently working with U.S. prime contractors to develop the next generation of Light Tactical Vehicles (LTV) for the US Army and Marine Corps. The company plans to utilize the leased facilities in the city of Walker, to support manufacturing of MAT-V, LTV and future combat vehicles, adjacent to its sister company Plasan Carbon Composites’ facility. The company plans to invest a total of $12.3 million and hire and train more than 120 professionals over the next three years, resulting in an $850,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Vermont, Texas, Georgia and Tennessee. The Right Place has offered support to the project in the form of staff time and resources. For information about careers with Plasan North America, visit: http://www.plasan-na.com/
Michigan Community Revitalization Program:
207 East Baltimore, LLC plans to convert a vacant warehouse building into a residential live/work building in the city of Detroit. The project will include adding a second story to a portion of the building, rebuilding a section of the roof, interior demolition and significant infrastructure improvements. When completed, the project will include more than 10,000 square feet of redeveloped space and 12 loft-style live/work units with modern amenities. The project will generate a total capital investment of nearly $1.8 million, resulting in a $225,000 Michigan Community Revitalization Program performance-based grant. The city of Detroit is supporting the project with a 12-year Obsolete Property Rehabilitation Act tax abatement valued at $277,200.
Community Development Block Grants:
The city of Grayling has been awarded $448,775 in Community Development Block Grant funds for three building improvements needed for the Downtown Façade Improvement Project. The two buildings that comprise the Old AuSable Fly Shop will receive exterior renovations that will preserve the historic nature of the buildings. The third building, the Bear’s Denrestaurant, will undergo a complete exterior renovation that will redesign the entrance of the building and improve its street presence. The project is expected to generate private investment of $182,558 and create three jobs. The city of Grayling will make an anticipated contribution of $6,000 toward the project.
The Village of Spring Lake has received $137,000 in CDBG funds for blight elimination needed for the historic renovation of Isabel’s House, a counseling center located at 107 S. Division in downtown Spring Lake. The funds will be used to eliminate blight, replace siding and make other improvements that will restore this historic building and prevent further deterioration. The project is expected to generate private investment of $152,000. The Village of Spring Lake will make an anticipated contribution of $5,000 toward 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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