LANSING (WWJ) —The Michigan Economic Development Corp. announced approval of Michigan Business Development and Community Revitalization program incentives to four companies planning expansions in the state. The projects are expected to generate up to $35.4 million in investments and add 285 new jobs in Michigan.
The Michigan Strategic Fund approved incentives for the following projects:READ MORE: Michigan Matters: From Mackinac to Motor Bella, Major Events Return
* Industrial Services Group Inc., which does business as Compositech, a South Carolina-based company specializing in industrial corrosion control, design and fabrication of process equipment, full-site maintenance services and construction support is planning an expansion in Michigan. The company has five operating groups providing engineered solutions and is specifically expanding the composite fabrication capacity by adding an additional manufacturing plant in Vergennes Township in Kent County. The project involves creation of 50 new jobs and a capital investment of up to $1.63 million, resulting in approval of a $175,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in North Carolina and South Carolina. Vergennes Township has offered a tax abatement for property related to the project.
* JCIM US LLC is an auto supplier. It plans to expand two of its existing plants in Frenchtown Charter Township. The project will create up to 182 jobs and a total investment of up to $16.9 million, resulting in an $800,000 Michigan Business Development Program performance-based grant. Michigan was chosen over several competing sites in Ohio. Frenchtown Charter Township has approved a 12-year property tax abatement.
* 3411 E. Michigan, LLC, a related entity of East Lansing-based Gillespie Group, plans to construct a 63,000 square foot, four-story building in Lansing. The future development will be on the 1.10 acre site that was previously the home of the Silver Dollar Saloon, at 3433 E. Michigan Ave. The completed project will consist of 66 residential apartment units and 1,800 square feet of commercial space to be occupied by PNC Bank. The project will generate a total capital investment of $7.5 million and create two full-time jobs. The project, deemed to be blighted, will receive a $450,000 Michigan Community Revitalization Program performance-based grant. The Ingham County Land Bank will provide up to $425,620 toward eligible brownfield expenses related to the project.READ MORE: Rolling Stone Magazine Named ‘Respect’ #1 Song Of All Time
* A $1 million Michigan Community Revitalization Program performance-based grant has been awarded to CWD 50 Louis LLC, for the historic renovation and reuse of a seven-story, 74,000-square-foot mixed-use building in Grand Rapids. The finished project will use energy efficient designs while maintaining historic standards. The project is anticipated to create 50 full-time jobs and generate a total capital investment of $9.4 million. The Grand Rapids Downtown Development Authority approved a Brownfield Redevelopment Improvement Program grant of $75,000. The project will also receive Downtown Development Authority tax increment revenues of up to $391,000.
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: Fourth Stimulus Check: Will You See Another Relief Payment Soon?
For more on the MEDC and its initiatives, visit: MichiganBusiness.org. For Michigan travel news, updates and information, visit michigan.org.