LANSING (WWJ) — The Michigan Economic Development Corp. said four companies were approved for incentives through the Michigan Business Development and Community Revitalization Programs to support their expansions in the state.
The projects are expected to generate up to $41.7 million in investments and add 70 new jobs in Michigan.READ MORE: Detroit Teen Shot In Head, Critically Injured
“From manufacturing to local vendors and residential property, these four projects will further revitalize our state and bring new jobs to our communities,” said Michael A. Finney, MEDC President and CEO. “These new investments show Michigan’s highly competitive business climate and talented workforce mean real opportunities for growing companies.”
The Michigan Strategic Fund approved incentives for the following projects:
Triumph Gear Systems-Macomb Inc., a subsidiary of Triumph Group Inc., is a manufacturer and supplier of complex gear assemblies, detail gears and components to the aerospace industry. The company is expanding its plant in Macomb Township. The project will create 60 jobs and a total capital investment of up to $15.2 million in Macomb Township. As a result, the company is being awarded a $250,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in other states. Macomb Township has offered a 12-year property tax abatement valued at $662,400.
A $1 million Community Revitalization Program performance-based grant has been awarded to Harbortown Riverside LLC and Harbortown Riverside Financing Inc. to construct a 164,620-square-foot, five-story, riverfront residential apartment building within the existing Harbortown complex on approximately 4.6 acres in Detroit. The property will be redeveloped by Harbortown Riverside LLC owners Scott and Jordan Jonna. The project is expected to create a total capital investment of nearly $20 million and three full-time jobs. The residential apartment building will include 134 rental units, with a mix of one-bedroom, two-bedroom and three-bedroom apartments. All units will offer views of the Detroit River.READ MORE: Contract Talks To Resume At Kellogg's Amid Cereal Strike
A $445,000 Community Revitalization Program performance-based grant has been awarded to Hotel Sterling II LLC to renovate and convert a long vacant and obsolete former Sears building in Wyandotte into a 21-room boutique hotel, conference and banquet facility. The project will create three full-time jobs and is anticipated to result in a total capital investment of $2.5 million in Wyandotte. The building has been significantly underutilized since Sears vacated it in the 1970s and requires extensive upgrades by owners and developers Kenneth and Rebecca Wickenheiser, who own and developed a sister project in Monroe, Hotel Sterling.
A $710,000 Community Revitalization Program performance-based grant has been awarded to the Downtown Muskegon Development Co. to move the existing Muskegon Farmer’s Market to a new downtown location. The project will include the construction of two all-season buildings, outdoor seasonal vending space and on-site parking on the 3.92 acre site. The project is expected to create four full-time jobs and is anticipated to have a total capital investment of nearly $4 million. There will be space for 20 vendors year round as well as office space and a commercial kitchen for community programs and small business incubation. Throughout the year, the new market will be a multi-use facility for many activities, including outdoor ice skating rinks and lights to allow evening events.
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.
The Michigan Community Revitalization Program provides grants, loans, or other economic assistance of up to $10 million to projects that will revitalize regional urban areas, act as a catalyst for additional investment in a community, reuse vacant or historic buildings and promote mixed use and sustainable development.MORE NEWS: Michigan Senate Approves End To Tax On Menstrual Products