Projects total $39 million in new investment, 151 new jobs
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of two business expansions and one community revitalization project that will generate nearly $39 million in private investment and create 151 jobs.
“Today’s projects will help strengthen Michigan communities and help growing companies generate new job opportunities,” said MEDC Chief Executive Officer Steve Arwood. “We should all applaud these investments in Michigan’s future.”
The Michigan Strategic Fund approved incentives for the following projects:
Atomic Object, LLC designs and develops custom software applications for clients in a wide range of industries, including healthcare, education, test and measurement, automotive, and enterprise software. The company is experiencing rapid growth and plans to renovate a functionally obsolete building the city of Grand Rapids to serve as its newly expanded headquarters, double its Ann Arbor location and lease additional space in Detroit. The expansions will generate a total capital investment of more than $2.9 million and create 33 jobs, resulting in a $250,000 Michigan Business Development Program performance-based grant. Michigan was chosen for the expansion over a competing site in Texas, as well as the possibility of outsourcing to offices in India and Eastern Europe. The city of Grand Rapids is offering support to the project in the form of property tax abatement. For information about careers with Atomic Object, visit https://atomicobject.com/careers.
Emhart Teknologies, LLC, a wholly-owned subsidiary of Stanley Black & Decker, is a diversified provider of power and hand tools, products and services for various industrial applications. The company plans to construct a 30,000 square foot expansion of its manufacturing operations in Chesterfield Township (Macomb County) and convert the existing office space into manufacturing space. The company will lease additional space in the city of Troy to accommodate and grow its office operations. The projects are expected to generate a total capital investment of more than $32.8 million and create 83 jobs, resulting in a $350,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in other states. Chesterfield Township has offered property tax abatement in support of the project. Individuals interested in career opportunities with Emhart Teknologies should visit www.mitalent.org.
Paradise Valley Real Estate Holdings, LLC and Real Times, Inc. of Illinois plan to renovate a three-story vacant historic building on Randolph Street in the city of Detroit. The historic building is located in an area of downtown Detroit known as Paradise Valley. The completed project will include the new headquarters of Real Times, Inc. of Illinois along with restaurant and office space. The building requires extensive rehabilitation including a new roof, HVAC, an additional staircase, and improvements to bring it up to local building and fire codes. The project will generate a total capital investment of more than $3.1 million and create 35 jobs, resulting in a $413,000 Michigan Community Revitalization Program performance-based grant. The city of Detroit is supporting the project with a $900,000 Community Development Block Grant forgivable loan, a $200,000 acquisition loan from the Detroit Economic Growth Corporation and a 12-year Obsolete Property Rehabilitation Act abatement valued at $42,000 per year.
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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.