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• Two business expansions will create 275 jobs in SE Michigan • Support for building renovations in Cadillac, Lapeer, Wayland will generate up to $9.5 million in private investment
LANSING, Mich. – Two business expansions and three community revitalization projects that will generate up to $30.6 million in private investment and create 275 jobs have received Michigan Strategic Fund support, the Michigan Economic Development Corporation announced today.
“We’re continuing to facilitate business growth, revitalize communities and create and more and better jobs for our residents. It is through the effort of public-private partnerships that today’s projects are taking place, and we’re pleased to support those collaborations,” said Jeff Mason, CEO, Michigan Economic Development Corporation, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the MSF.
“The decision by these companies to expand in Michigan rather than in other states means good jobs for our residents and demonstrates the strength of our state’s talented workforce,” Mason said.
Drake Enterprises, Inc., founded in 1952, manufactures high-quality machined parts for major OEMs in the heavy truck, agriculture, and automotive markets. The company manufactures specialty products such as gear shift levers and transmission components for the Class 8 heavy-duty truck market. Drake Enterprises is nearing capacity at its facility in Clinton Townshipand plans to expand into an adjacent facility. The project is expected to generate a total private investment of $18.9 million and create 125 jobs, resulting in a $750,000 Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in South Carolina. Clinton Township has offered a 50-percent property tax abatement in support of the project. Individuals interested in careers with Drake Enterprises should visit https://www.drakeent.com/careers/.
Midland Credit Management, Inc., established in 1953 and headquartered in California, helps consumers resolve past due financial obligations through education and payment plans, helping the customer return to a path toward financial health. The company has offices in Michigan, Minnesota and Virginia. MCM is experiencing increasing customer demand and plans to expand at its facility in the city of Troy, investing $2.2 million and creating 150 jobs. As a result of the expansion, the company has been awarded a $450,000 Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in Virginia. The city of Troy has offered marketing and promotions assistance to help the company find candidates for the newly created positions.
The city of Cadillac has been awarded $831,864 in Community Development Block Grant funds for the removal of blight at a downtown Cadillac site. The project will include the demolition of two buildings, site restoration and removal of buried debris. Once the blighted conditions are removed from the property, the city expects this project could result in future private investment of up to $8.2 million.
The city of Lapeer has been awarded $995,811 in CDBG funds for façade improvements needed for the Lapeer Team Work, Inc. project located downtown at 286 W. Nepessing St. Lapeer Team Work is a nonprofit community rehabilitation organization whose mission is to improve outcomes in competitive employment for individuals with disabilities. The project includes the historic renovation of a commercial façade that consists of a combination of three buildings, and the creation of five apartments on the second floor. The project will restore the character and historical appearance of the property while attracting new customers and visitors to the downtown area. CDBG-eligible activities include the façade restoration, windows, building repairs and improvements, and lead and asbestos testing and abatement. The city expects this project could result in private investment of $1.1 million.
The city of Wayland has received $115,034 in CDBG funds for blight remediation needed for the city of Wayland Building Rehabilitation Project. The project consists of the complete restoration of a building located at 106 W. Superior Street in downtown Wayland. The building was badly damaged by a fire and will require that all walls, fixtures, HVAC systems, windows, lighting and wiring be replaced. The building will also be historically renovated and finished for commercial-ready condition, which will include providing the required number of restrooms, making improvements to the roof and more. The building owner will contribute $180,206 in private funds toward the project.
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.