LANSING (WWJ) – The Michigan Economic Development Corp. announced approval of a $3 million Michigan Business Development Program incentive for an expansion by the particle accelerator components manufacturer Niowave in Lansing. The company plans to add 120 jobs in the expansion.
The MEDC also announced approval of a $1.75 million Michigan Business Development Program performance-based grant to HTC Global Services Inc., a Troy provider of IT and business process services.READ MORE: MSU Police: Tip From Private Investigator Led To Discovery Of Body Believed To Be Brendan Santo
The Niowave deal will amount to a $79 million investment.
Niowave is the world that can design, build, test and operate superconducting linear accelerators and their associated cryogenic refrigerators in its own single location. Niowave’s expansion will cost $79 million and will involve the production of radioisotopes for use in medical treatment.
Michigan was chosen over a competing site in Illinois for the expansion.
Lansing Mayor Virg Bernero said the expansion was “an enormously important announcement for Lansing, our region and the state of Michigan,” and said Michigan is “fortunate indeed to have them growing and thriving right here.”
Founded in 2006, Niowave combines the nuclear engineering expertise of Michigan’s research universities with advanced manufacturing expertise from the auto industry. It was named the 2010 Small Business of the Year for the Department of Energy.
“Today the United States produces only a small fraction of the medical radioisotopes, primarily importing from Canada and Europe,” said Niowave president Terry Grimm. “We are grateful for the support of the City of Lansing, LEAP, MEDC, the Airport Authority, and the Port Lansing Next Michigan Development Corporation that allows us to create a domestic radioisotope industry right here in Michigan. Once the radioisotope facility is operational, we will export radiopharmaceuticals and industrial radioisotopes across the country as well as overseas. In addition, radiopharmaceutical and biomedical research and development will be made possible right here in mid-Michigan with universities and large multi-national corporations.”
The Port Lansing Next Michigan Development Corporation has offered support to the project in the form of a property tax abatement.
As for HTC, it plans to invest $3.4 million and create 200 new jobs in an expansion of its center for software development, testing and maintenance. Michigan was chosen over several other sites in other states for the expansion.READ MORE: Consumer Alert: How To Avoid Fake N95, KN95 Masks
The city of Troy also announced support for the project in the form of a property tax abatement for eligible personal property.
The MEDC also announced that SpartanNash, the product of the merger between Spartan Stores Inc. and Nash Finch Co., will get a $2.75 million Michigan Business Development Program grant to expand its headquarters in Spartan’s existing Byron Center headquarters and create 72 new jobs, and retain 620 others.
Also approved was an $800,000 Michigan Business Development Program grant to SRI International of Menlo Park, Calif. to establish a clinical trial service facility at the Michigan Life Science and Innovation Center in Plymouth to accelerate the development and commercialization of SRI’s technologies and technologies from biotech companies, universities, and hospitals. In September 2012 the Michigan Strategic Fund approved a Center of Innovation designation and $5 million in funding.
The MSF also approved the request by the Washtenaw County Brownfield Redevelopment Authority to capture an additional $1.35 million in local and school taxes for MSF eligible infrastructure improvements at the Packard Square Redevelopment Project in Ann Arbor.
To view a video on HTC Global Services and Niowave, visit here: http://youtu.be/nyFtAmxsiL8.
“These new investments across Michigan will strengthen our communities and fuel more and better jobs for our talented workforce,” said Governor Rick Snyder. “The commitment of these companies to grow and create jobs here further reinforces Michigan’s reputation as America’s comeback state.”
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.MORE NEWS: Flint Public Schools Staying Virtual Indefinitely Due To Large Amount Of Positive COVID-19 Cases
For more on the MEDC and its initiatives, visit: MichiganBusiness.org. For Michigan travel news, updates and information, visit michigan.org.