Seven Firms Plan To Invest $111.1 Million In Expansion Projects Throughout Michigan
Area Development Online News Desk (09/26/2013)
Seven firms plan a total investment of nearly $111.1 million to expand their production capabilities and create 333 jobs, with assistance of funding from the Michigan Economic Development Corporation and state funding programs.
“Today’s wide ranging new projects will all lead to greater economic opportunities for people across Michigan,” said Gov. Rick Snyder. “These new investments demonstrate that Michigan is proving to be a more attractive place to do business and create jobs and reinforce once again that Michigan is America's Comeback State."
The MSF-approved projects include one in the Thumb region, two in Southeast Michigan, two in Grand Rapids and two in Northern Michigan.
As part of a Michigan Business Development Program incentive, Dairy Farmers of America, a national milk marketing cooperative, plans to build and equip a new dairy manufacturing plant in the Village of Cass City, Michigan.
The firm plans to invest $40 million and creating 25 jobs. As a result, the company has been awarded a $500,000 Michigan Business Development Program performance-based grant. In addition, The Michigan Economic Development Corporation is awarding the company $300,000 in corporate funds.
MSF also approved a $1 million Community Development Block Grant program infrastructure grant for wastewater treatment facility improvements needed for the plant. Locally, the Village of Cass City offered support to the project by providing revenue bonding necessary for a wastewater treatment plant and public infrastructure improvements. Additionally, MSF awarded Tuscola County and Cass City a new 15-year Agriculture Processing Renaissance Zone designation for the project.
As part of Michigan Community Revitalization Program incentives another firm, 1145 Griswold St. LLC, and Development Michigan was awarded a $4.1 million Michigan Community Revitalization Program performance-based loan participation to renovate the former Capitol Park Building located at 1145 Griswold St. in west Detroit.
The project will convert a vacant and dilapidated 11-story building into commercial space and 63 residential units. The project is the second of three Capitol Park redevelopment projects; in May, the first phase received a $6 million MCRP loan for the renovation of the former Chamber of Commerce building located at 1212 Griswold St. The project will generate a total capital investment of up to $22.5 million and create 60 jobs. The City of Detroit is supporting the project with a 12-year Obsolete Property Tax Abatement.
In Birmingham, Michigan, Woodward Brown Associates, LLC has been awarded a $3.3 million Michigan Community Revitalization Program performance-based loan to construct a new five-story mixed use structure on the corner of Woodward Ave. and Brown St. The new building, to be known as the Balmoral, will include commercial office, retail and residential space. The project is expected to generate up to $27.8 million in total capital investment and create 200 jobs.
In Grand Rapids, Dwelling Place was awarded a $293,659 Michigan Community Revitalization Program performance-based grant for the construction of a three-story urban infill building located at 320 Commerce Avenue. The project, part of a comprehensive redevelopment effort of the entire block, is expected to generate $1.48 million in total investment for commercial office space on the first floor.
Also in Grand Rapids, Herkimer Apartments Limited Dividend Housing Association Limited Partnership was awarded a $305,157 Michigan Community Revitalization Program performance-based grant for the renovation of the historic Herkimer Hotel, located at 323 S. Division. The project will generate up to $17 million in total capital investment and create 18 jobs. The City of Grand Rapids is supporting this project with a 35-year PILOT valued at $3.6 million.
Charlevoix County, Michigan, received a $350,000 Community Development Block Grant to assist with job training for expansion of Precision Edge Surgical Products in Boyne City, Michigan. The firm plans to expand its facility by adding $2 million in equipment and creating 30 new jobs. The company has agreed that at least 16 of the positions will be held by low to moderate income individuals. Boyne City plans to support the project through property tax abatements valued at $251,000.
In addition, Houghton, Michigan, has been awarded $640,811 in CDBG funds for façade improvements on four buildings located on Shelden Ave. within its traditional downtown core. The project is receiving private matching funds from the business owners totaling $216,104.