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Tuesday, July 26, 2016
Michigan Strategic Fund approves investments for C3 Venture in Flint, American Center for Mobility at Willow Run
Lansing, Mich. – The Michigan Strategic Fund today approved two significant investments that will advance Flint’s economy and help make Michigan a mobility leader, Gov. Rick Snyder said.
The MSF board approved funding to support C3 Venture’s creation of a $9.68 million private manufacturing investment in the city of Flint to produce interior plastic automotive components along with injection molding and tooling.
“The investment approved today will bring up to 400 new jobs to Flint, in an innovative venture that turns recycling into auto parts,” said Gov. Rick Snyder. “The state will continue to support the city during its water recovery, and in addition will remain involved in long-term economic development. I’m very pleased to see this manufacturing plant established within the city, and hope it is the first of many new employers to invest in Flint.”
After a review of competing locations in Indiana and California, C3 Venture chose Flint for its investment, which will include the hiring of 380 workers. MSF will provide a $5.7 million performance-based loan to the company, which may be converted to a grant if the company meets job-creation milestones.
The state’s efforts to become a leader in the mobility industry also moved forward today, with a $17 million investment approved for the American Center for Mobility. The investment will finalize the acquisition of land at Willow Run, assist with operations, and facilitate the design and construction of phase one of a state-of-the-art global center for research, development and testing for automated vehicles.
“We are making a major commitment to the next chapter of the state’s legendary automotive history,” Snyder said. “In the next decade, Michigan will be in the international forefront in responding to the challenge to reimagine transportation, an unfolding world of autonomous vehicles that requires collaboration among private industry, academia and government.”
The investment includes design and certain construction costs and operations that are part of the project’s high speed track, the first phase of development. The latest funding comes after a $1.2 million purchase agreement was reached on July 5, 2016 between the Willow Run Arsenal of Democracy Landholdings Limited Partnership and Racer Properties LLC, wholly owned by the Revitalizing Auto Communities Environmental Response Trust (RACER).
The project is a collaboration with many state and local partners including the Michigan Economic Development Corporation, the Michigan Department of Environmental Quality, and the Michigan Department of Transportation.
More information on the American Center for Mobility can be found at www.acmwillowrun.org.To learn more about the future of mobility and why it’s important to Michigan, visit here:
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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