LANSING (WWJ) — Two companies will be expanding and adding jobs in Detroit with support from the Michigan Strategic Fund, the Michigan Economic Development Corp. announced.
The expansions are expected to generate up to $22.1 million in new capital investment and bring 229 new jobs.
The Michigan Strategic Fund approved incentives for the following projects:
* Futuramic Tool & Engineering Co., founded in 1955, is a worldwide manufacturing and tooling parts supplier originally serving the auto industry, and now in the aircraft, aerospace and defense industries. Due to increased demand from its customers, the company has outgrown its current Warren and Southfield campuses and is looking to expand at the former Tower Automotive facility in the City of Detroit. The project, with a total capital investment of $20 million, is expected to create 103 new jobs with an average wage of $60,000 a year. As a result, the project has been awarded a $600,000 Michigan Business Development Program performance-based grant. The city of Detroit is also offering the company a property tax abatement. For information on employment with Futuramic, visit http://futuramic.com/apply-for-employment/.
* Urban Science Applications Inc., headquartered in Detroit, is a global company focused on supporting the needs of the sales and marketing functions of various industries including automotive. Urban Science Applications plans to expand its software consulting and engineering and services operations in Detroit and an additional location in Michigan to be determined. This project will create 126 jobs and generate a total capital investment of $2.1 million. As a result, the company has been awarded a $700,000 Michigan Business Development Program performance-based grant and Detroit has offered property tax abatement valued at $97,000. Michigan was chosen over competing sites in Mexico, Germany, Virginia and California. For employment information, visit http://www.urbanscience.com/careers.
The Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments
or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The MSF will consider a number of factors in making these awards, including out-of-state competition, private investment in the project,
business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business
retention and retail projects are not eligible for consideration of these incentives.
For more on the MEDC and its initiatives, visit michiganbusiness.org.