Four Michigan Companies Plan Facility Expansion Utilizing Michigan Strategic Funding
Area Development Online News Desk (12/13/2013)
Four companies will invest approximately $35.4 to expand their facilities throughout Michigan, with the assistance of Business Development and Community Revitalization program grants provided by the state’s Strategic Fund.
"Today's projects will strengthen and further revitalize our communities and help growing companies generate new job opportunities," said MEDC President and CEO Michael A. Finney. "These investments offer strong evidence of Michigan's improving economy and the success or our strategy to help Michigan companies grow here."
A company specializing in industrial corrosion control, design and fabrication of process equipment, Industrial Services Group, which does business as Compositech, is planning to expand its facility in Vergennes Township.
The company plans to expand its composite fabrication capacity by adding an additional manufacturing facility. The $1.63 million project will create 50 jobs. The firm was approved for a $175,000 Michigan Business Development Program performance-based grant. In addition, Vergennes Township offered a tax abatement for property related to the project.
In Frenchtown Charter Township, JCIM US, an automotive supplier for major OEMs, plans to expand two of its existing facilities. The $16.9 million project will create up to 182 jobs. The firm was approved for an $800,000 Michigan Business Development Program performance-based grant. In addition, Frenchtown Charter Township also approved a 12-year property tax abatement.
In Lansing, 3411 E. Michigan, LLC, a related entity of East Lansing-based Gillespie Group, plans to construct a 63,000 square foot, four-story building. The future development will be on the 1.10 acre site that was previously the home of the Silver Dollar Saloon on East Michigan Avenue.
The completed project will consist of 66 apartment units and approximately 1,800 square feet of commercial space to be occupied by PNC Bank. The $7.5 million project will generate a total capital investment of $7.5 million. The project, deemed to be in a blighted area, 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.
In Grand Rapids, a $1 million Michigan Community Revitalization Program performance-based grant was awarded to CWD 50 Louis, LLC, for the historic renovation and reuse of a seven-story, 74,000 square foot mixed-use building. The $9.4 million project is expected to create 50 full-time jobs.
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.