Michigan Strategic Fund Provides Grants to Fund Capital Improvement Projects Throughout The State
Area Development Online News Desk (10/17/2013)
Four companies expected to undertake up to $41.7 million in capital improvement projects, creating 70 jobs throughout the state, were approved for incentives by the Michigan Strategic Fund through its Michigan Business Development and Community Revitalization Program.
“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:
In Macomb Township, Triumph Gear Systems-Macomb, Inc., a wholly owned subsidiary of Triumph Group, a manufacturer and supplier of complex gear assemblies, detail gears and an array of components servicing the aerospace industry, will invest up to $15.2 million to expand its facility. The project is expected to create 60 jobs. As a result, the company is being awarded a $250,000 Michigan Business Development Program performance-based grant. In addition, Macomb Township has offered a 10-year property tax abatement valued at $662,400.
In Wyandotte, a $445,000 Community Revitalization Program performance-based grant was awarded to developers of Hotel Sterling II to renovate a vacant former Sears building 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. The building has been significantly underutilized since Sears vacated it in the 1970s and requires extensive upgrades by owners-developers Kenneth and Rebecca Wickenheiser, who own and developed a sister project in Monroe, Hotel Sterling.
In Muskegon, a $710,000 Community Revitalization Program performance-based grant was 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.
In Detroit, a $1 million Community Revitalization Program performance-based grant was 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. 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.