Michigan Strategic Fund OK’s Venture Money, Biz Incentives

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MEDC

LANSING — The Michigan Economic Development Corp. announced Michigan Strategic Fund approval of the New International Trade Crossing Agreement, creation of the new Pure Michigan Venture Development Fund, the official Pure Michigan Travel Guide recommendation and two Michigan Business Development Program incentives.

The approvals were as follows:

* New International Trade Crossing Agreement – The Crossing Agreement provides for the construction, design and operation of a bridge between Canada and Michigan and establishes the MSF as a party to the agreement, primarily to facilitate acquisition of Michigan lands necessary for the bridge. The construction and operation of the NITC will create a demand for thousands of jobs related to the project; open new global markets for farmers, entrepreneurs and manufacturers across Michigan; allow Michigan to maximize federal matching funds for use on highway projects across the statel provide additional capacity to meet long-term demands as the economy grows; and minimize the likelihood of an economic disaster should the other crossings sustain a lengthy shutdown.

* Pure Michigan Venture Development Fund – Beginning June 28, the Pure Michigan Venture Development Fund will seek applications from first and second generation venture capital funds in Michigan for the primary purpose of increasing their ability to raise additional funds and become viable entities, with the ultimate intent of increasing the number of venture investments in the state. The complete guidelines for the fund can be found at www.michiganadvantage.org/PureMichiganVentureDevelopmentFund.

* Pure Michigan Travel Guide Recommendation – The Strategic Fund voted to award and enter into a contract for the Pure Michigan Travel Guide to Meredith Corp. for Midwest Living, for the period of Aug. 1 of this year thorugh July 31, 2015. Starting in 2013, the Travel Guide will be printed in Michigan. Meredith was selected from three proposals that were submitted in response to a Request for Proposals issued by the Michigan Strategic Fund on March 28.

The MSF also approved incentives to two companies — Barracuda Networks Inc. (see story this section) and Brose.

Brose is a supplier of mechatronic components and electric motor drives for vehicle bodies and interiors. It was approved to receive a $3.5 million Michigan Business Development Program incentive to acquire the former Chrysler Mopar site on Bell Road in New Boston.

Brose proposes to invest up to $60 million, creating 450 new jobs at the new facility as well as at the Auburn Hills and Warren locations. Huron Charter Township has offered support in the form of a 12 year property tax abatement to the project.

More at www.MichiganAdvantage.org.

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