MEDC announces MSF approval of two business expansions and three community development projects
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of two business expansions and three community development projects that will generate more than $22 million in total investment and create 147 jobs around the state.
“These projects will strengthen and further revitalize our communities, generating new job opportunities for Michigan residents,” said MEDC Chief Executive Officer Steve Arwood. “Today’s actions demonstrate our commitment to moving forward with new business investment and community revitalization that will mean more and better jobs in our state.”
Mico Industries, Inc., based in the city of Wyoming, provides metal stampings and welded assemblies to the automotive and furniture industries. The company has been awarded a new project that will increase sales by 50 percent and will require additional space and capacity. The company plans to consolidate two locations into one facility in the city of Kentwood, investing nearly $8.2 million and creating 81 jobs. As a result, the project has been awarded a $350,000 Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in Texas. The city of Kentwood is offering support to the project in the form of property tax abatement. Individuals interested in career opportunities with Mico Industries should visit http://www.micoindustries.com/contact.html.
Shepherd Caster, LLC, doing business as Colson Group USA, is a division of Colson Group Holdings, the largest manufacturer and marketer of caster and wheel products in the world. The company has operations in 14 countries, and produces a spectrum of world renowned caster brands—with products covering everything from light duty to heavy duty applications. Shepherd Caster plans to expand its facilities in St. Joseph Charter Township, investing more than $1.5 million and creating 50 jobs. As a result, the company has been awarded a $350,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing domestic and foreign locations. St. Joseph Charter Township has offered support to the project in the form of property tax abatement.
1215 Griswold LLC plans to renovate an existing vacant apartment building located at 1215 Griswold Street in the Capitol Park Historic District in the city of Detroit into a mixed-use residential and retail building. The project will include extensive renovations including repairs to the façade that will preserve the historic nature of the structure. The project will generate a total capital investment of more than $10.3 million and create 16 jobs, resulting in a $1 million Michigan Community Revitalization Program performance-based loan. It is anticipated that the city of Detroit will approve a 15-year Neighborhood Enterprise Zone valued at approximately $730,000.
The city of Harrison was awarded $751,344 in Community Development Block Grant funds to expand its current farmers market into a three- to four-season Community Farm and Market Incubator that will serve as the market’s permanent home. The expansion will include the rehabilitation of two adjacent buildings in downtown Harrison which will allow the market to expand the number of vendors and offer options year-round, including a fully-equipped and licensed community kitchen that will be available to the public. The project will also include converting a vacant lot into parking and seating space for patrons. The CDBG funds will be used for the complete renovation and build-out of the spaces, with improvements including façade renovation, selective demolition, new mechanical and electrical systems, roof repair and more. The city of Harrison will contribute $254,924 toward the project, and the U.S. Department of Agriculture Rural Development will contribute $331,500.
The city of Menominee has been awarded $870,000 in Community Development Block Grant funds for the historic renovation of the former Oddfellows Hall building for the Lloyd House II redevelopment in downtown Menominee. Upon complete historic renovation, the project will provide 13 market rate residential units and two commercial spaces. The CDBG funds will be used for blight elimination at the building. The project will generate private investment of $1.45 million. The city of Menominee has approved an Obsolete Property Rehabilitation Act tax exemption valued at $387,600 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.