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Business Expansion, Community Improvement Projects Win State OK

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MEDC
(credit: istock) Technology Report
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LANSING (WWJ) – The Michigan Economic Development Corp. announced approvals of incentives and grants to seven projects across the state that in total will mean nearly $111.1 million in private investment and 333 new jobs in Michigan.

The MSF-approved projects include one in the Thumb region, two in Southeast Michigan, two in Grand Rapids and two in Northern Michigan.

Michigan Business Development Program incentive:

Dairy Farmers of America, a national milk marketing cooperative, plans to build and equip a new dairy manufacturing plant in Cass City, investing $40 million and creating 25 jobs in the Thumb community. As a result, the company has been awarded a $500,000 Michigan Business Development Program performance-based grant. In addition, the MEDC is awarding the company $300,000 in corporate funds.

MSF also approved a $1 million Community Development Block Grant program infrastructure grant for wastewater treatment facility improvements needed for the plant. Cass City has offered support to the project by providing revenue bonding necessary for a wastewater treatment plant and public infrastructure improvements. Additionally, MSF awarded Tuscola County and Cass City a new 15-year Agriculture Processing Renaissance Zone designation for the project.

Michigan Community Revitalization Program incentives:
* 1145 Griswold St. LLC and Development Michigan have been awarded a $4.1 million Michigan Community Revitalization Program performance-based loan participation to renovate the former Capitol Park Building located at 1145 Griswold St. in downtown Detroit. The project will convert a vacant and dilapidated 11-story building into commercial space and 63 residential units. The project is the second of three Capitol Park redevelopment projects; in May, the first phase received a $6 million MCRP loan for the renovation of the former Chamber of Commerce building located at 1212 Griswold St. The project will generate a total capital investment of up to $22.5 million and create 60 jobs. The City of Detroit is supporting the project with a 12-year Obsolete Property Tax Abatement.
* Woodward Brown Associates, LLC has been awarded a $3.3 million Michigan Community Revitalization Program performance-based loan participation to build a new five-story mixed use structure on the corner of Woodward Ave. and Brown St. in Birmingham. The new building, to be known as the Balmoral, will include commercial office, retail and residential space. The project is expected to generate up to $27.8 million in total capital investment and create 200 jobs.
* Dwelling Place of Grand Rapids was awarded a $293,659 Michigan Community Revitalization Program performance-based grant for the construction of a three-story urban infill building located at 320 Commerce Ave. in Grand Rapids. The project, part of a comprehensive redevelopment effort of the entire block, is expected to generate $1.48 million in total investment for commercial office space on the first floor.
* Herkimer Apartments Limited Dividend Housing Association Limited Partnership was awarded a $305,157 Michigan Community Revitalization Program performance-based grant for the renovation of the historic Herkimer Hotel, located at 323 S. Division in Grand Rapids, into first floor market rate live-work commercial spaces and 55 affordable residential units on the upper levels. The project will generate up to $17 million in total capital investment and create 18 jobs. Grand Rapids is supporting this project and the Dwelling Place of Grand Rapids Project with a 35-year PILOT valued at $3.6 million.

Community Development Block Grants:
* Charlevoix County has received $350,000 in CDBG funds for job training for the Precision Edge Surgical Products expansion project in Boyne City. Precision Edge Surgical Products LLC, headquartered in Sault Ste. Marie, plans to expand its Boyne City plant by adding $2 million in equipment and creating 30 new jobs. The company has agreed that at least 16 of the positions will be held by low to moderate income individuals. Boyne City plans to support the project through property tax abatements valued at $251,000.
* The City of Houghton has been awarded $640,811 in CDBG funds for façade improvements on four buildings located on Shelden Ave. in downtown Houghton. The project is receiving private matching funds from the business owners totaling $216,104.

For more on the MEDC and its initiatives, visit: MichiganBusiness.org. For Michigan travel news, updates and information, visit michigan.org.

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