Three Firms Plan $10.8 Million Expansion in Southeastern Michigan, Creating 183 Jobs
Area Development Online News Desk (08/08/2013)
Three companies, Asterand US Acquistion Inc. and NewGAR LLC, both based in Detroit, and Unique Tool and Manufacturing Company in Temperance, Michigan, plan to invest a total of $10.8 million in facility improvements, creating 183 jobs in the southeastern part of the state.
The Michigan Economic Development Corporation said its Strategic Fund approved Business Development and Community Revitalization program incentives to these three companies planning expansions in the state.
“From biotechnology to manufacturing to the renovation of a landmark building in Detroit, these projects demonstrate our reinvention strategy in action, with broader capabilities to assist businesses as they invest and create more and better jobs in our communities,” said MEDC President and CEO Michael A. Finney. “These new investments will further strengthen Southeast Michigan and reinforce our reputation as America’s comeback state.”
Located in Detroit’s Tech Town, Asterand US Acquisition Inc., also known as Stemgent Asterand, is a provider of high quality human tissue and tissue-based research solutions to drug discovery scientists. Asterand plans to renovate and reconfigure its facility in TechTown, investing $1.7 million and adding 25 research and biotechnology-related jobs. As a result, the company is receiving a $250,000 Michigan Business Development Program incentive. TechTown also plans to offer a financial contribution toward the renovation costs of the project.
Also located in Detroit, NewGAR received $660,000 in Michigan Community Revitalization Program collateral support for the historical renovation of the Grand Army of the Republic building, also known as the “Castle Building,” located at 1942 W. Grand River Avenue. The project will include restaurant space, commercial office space and a civil war museum. The project is expected to create 96 permanent full time jobs and a total capital investment of more than $4.4 million. The project will receive an Obsolete Property Rehabilitation certificate valued at $876,584 from the City of Detroit and the State of Michigan, and will utilize federal Historic Tax Credits valued at $584,000.
In the Bedford Township city of Temperance, Unique Tool and Manufacturing Company, a tooling design and stamping company, plans to expand its existing facility and production capacity. The firm plans to invest $4.7 million and create 62 new jobs. As a result of the expansion, the project has been awarded a $150,000 Michigan Business Development Program performance-based grant. In addition, Bedford Township has offered property tax abatements valued at $357,626.
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.