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Wednesday, July 1, 2015
MEDC announces that four companies were approved for incentives by the MSF to support their expansions in the state
LANSING, Mich. – The Michigan Economic Development Corporation today announced that four companies were approved for incentives by the Michigan Strategic Fund to support their expansions in the state. The state support will allow for two business expansions and two community improvement projects that are expected to generate $70.2 million in investments and create 267 new jobs.
“Today’s MSF approvals offer further evidence of our commitment to revitalizing Michigan’s communities and helping growing companies generate new job opportunities,” said MEDC Chief Executive Officer Steve Arwood. “These investments demonstrate Michigan’s improving economy and the success of our strategy to help companies grow and add jobs here.”
Agape Plastics, Inc., located in Tallmadge Charter Township (Ottawa County), specializes in custom injection molding and assembly supplying the automotive, furniture and equipment industries. The company plans to construct a 57,600 square foot addition to its current manufacturing facility in Tallmadge Charter Township, investing $14 million and creating 54 jobs. As a result, the project has been awarded a $300,000 Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in Ohio. Tallmadge Charter Township has offered support to the project in the form of property tax abatement. Individuals interested in career opportunities with Agape Plastics should visit www.agapeplastics.com/contact-us.
Magna Seating of America, Inc. is a subsidiary of Magna International, Inc. Magna International and its subsidiaries design, develop and manufacture automotive systems, assemblies, modules and components, primarily for auto and light truck OEMs. The company is looking to consolidate activities into a single facility to house its headquarters, engineering, research and development, and sales and marketing teams. The company plans to construct a new 180,000 square foot facility to house these operations in the city of Novi. The project will generate more than $48 million in total capital investment and create 164 jobs, resulting in a $984,000 Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site. The city of Novi is offering support to the project in the form of property tax abatement. For career opportunities with Magna Seating, visit http://www.magna.com/careers.
The Mackinac County Brownfield Redevelopment Authority was awarded $464,250 in local and school tax capture to redevelop 5.4 acres of property on Burdette St. in the city of St. Ignace. The project, known as Bridgeport Commons – Phase I, will involve partial demolition of the obsolete former county hospital building at the site, alleviating brownfield conditions and preparing the site for new construction. Phase II of the development includes new construction of a three- to four-story mixed-use structure that will include medical-related office space, commercial space and residential units. The project will generate approximately a total capital investment of $900,000 for Phase I and $3.5 million for Phase 2, and create 45 full-time jobs.
678 Selden, LLC plans to convert a historic, vacant building located in midtown Detroit into a mixed-use development with commercial and residential space. Renovations will include new plumbing, heating, electrical systems, bathrooms, kitchens, laundry facility, elevator and secured parking across from the property. The project will generate a total capital investment of nearly $3.7 million and create four jobs, resulting in a $670,210 Michigan Community Revitalization Program performance-based grant. The city of Detroit has approved an Obsolete Property Rehabilitation Act abatement valued at $410,830.
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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