Michigan Strategic Fund Provides Incentives for Business Expansion Throughout the State
“The Michigan Strategic Fund continues to help fuel new economic activity across Michigan, strengthening our communities and creating good jobs for our residents,” said Jeff Mason, CEO at the MEDC, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the MSF.
“These projects will have a catalytic impact in Michigan’s communities, particularly in growing our health care industry and further developing the New Center area in downtown Detroit,” he added.
Projects included; Centria Healthcare, a provider of autism therapy services, has outgrown its current headquarters facility and plans to establish a new headquarters in the city of Farmington Hills, Michigan, investing $16.5 million and creating 1,200 jobs.
As a result, the company has been awarded an $8 million Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in New Mexico and Texas. In addition the city of Farmington Hills has offered assistance with recruiting in support of the project.
“We are pleased to welcome Centria Healthcare to the city of Farmington Hills,” said Mayor Ken Massey. “Our city is known for providing businesses with a positive environment for growth and for helping to recruit highly qualified local employees.”
In Grand Rapids, DEG Development Company is proposing to construct two new speculative industrial/warehouse buildings, 70,150 square feet and 126,750 square feet, on a 9.3 acre site at 1810 Turner Avenue. The project will include an estimated private investment of $12.3 million, including brownfield improvement costs. The two buildings are anticipated to support an estimated 140 new jobs once fully occupied. The MSF said, adding attractive building space is important to accommodate expansion opportunities for companies in the Grand Rapids area and to offer building space to attract new companies to Michigan.
The Grand Rapids Brownfield Redevelopment Authority and DEG Development Company received approval for local and state tax capture of $1,121,407, including an estimated $563,731 in school tax capture, for MSF eligible brownfield improvements including lead and asbestos removal, demolition of existing structures, site preparation, new sidewalks and storm water infrastructure. Current uses on the site include an auto salvage yard and a limousine service business. Once completed, the new development project will substantially improve the appearance of the site and area, which has visibility along US 131 just north of downtown Grand Rapids.
In Detroit, Pistons Performance and Henry Ford Health System plan to construct a new, 343,000-square-foot mixed-use development in the New Center area of the downtown that will include medical office and health center space. The site will also include ground floor retail/restaurant space and practice facilities and office space for the Detroit Pistons.
The project is expected to generate a total capital investment of $107 million and create 40 jobs. The City of Detroit Brownfield Redevelopment Authority today received MSF approval of local and school tax capture in the amount of $15,981,327 for the alleviation of brownfield conditions and prepare the proposed project site for redevelopment.
In cities of Ferndale and Pleasant Ridge, Iron Ridge Holdings plans to redevelop 13 acres of property, as part of a project that will involve the rehabilitation of existing buildings as well as new construction which will create a vibrant, mixed-use campus.
The vacant industrial building located as 660 E 10 Mile Road will be transformed into three buildings that will include a market space, beer garden, and brewery. Office space, retail space, fitness center, and a fire suppression company will occupy the remainder of the five rehabilitated buildings. The construction of 75 units of new residential apartments containing will complete the redevelopment. The project is expected to generate total capital investment of $32 million and create 200 new jobs.
The County of Oakland Brownfield Redevelopment Authority received MSF approval of local and school tax capture valued at $ 3,531,500 for the alleviation of brownfield conditions and prepare the proposed project site for redevelopment. The completion of this project will reactivate a group of vacant or underutilized industrial and residential parcels into a vibrant mixed-use campus, bring new housing to the city of Ferndale and will increase density and economic activity in the area.
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