Michigan Strategic Fund Incentives Spark Business Expansion Throughout Great Lakes State
“The Michigan Strategic Fund continues to help fuel new economic activity across Michigan, strengthening our communities, and creating well-paying jobs for our residents,” Governor Rick Snyder said. “The combined investment by the MSF and job providers is an important part of continuing Michigan’s comeback.”
Business investments and jobs include:
FCA US LLC will create 700 jobs at its Sterling Heights Assembly Plant when it begins production of the next-generation Ram 1500 pickup truck. As a result, the company has been awarded a $4.56 million Michigan Business Development Program performance-based grant.
In July FCA announced it was investing $1.48 billion to retool and reconfigure the assembly plant in Sterling Heights. As a result of that investment, the Michigan Strategic Fund approved an alternative exemption from the State Essential Services Assessment for the Auburn Hills-based automaker valued at $11.3 million.
Cargill, Inc., a global provider of food, agriculture, financial and industrial products and services, plans to establish a new animal feed mill facility in the city of Owosso. The project is expected to generate total capital investment of $13.7 million and create 14 jobs with the potential of adding 30 jobs.
MSF today approved $2,787,241 in local and school tax capture for the City of Owosso Brownfield Redevelopment Authority to make necessary infrastructure improvements at the site including construction of a new public roadway and a new water main service line.
In addition, the city of Owosso will acquire property owned by a nearby business, Sonoco Protective Solutions, in order to develop the roadway. Sonoco has the potential to create approximately 30 jobs as a result of the project.
Jackson National Life Insurance Company received approval for an amendment to its MBDP grant, originally approved in 2013, that will allow the company to continue moving forward and creating jobs in Lansing.
The company was awarded a MBDP grant in 2013 for a headquarters expansion that was projected to create 400 jobs over five years, with a total of 1,000 new jobs over the next 10 years. While the company has completed the expansion, is meeting its hiring milestones and has invested well over $100 million in the Lansing region, an amendment was necessary to ensure the project was supported as originally intended. MBDP’s recent amendment will support the creation of 304 additional jobs toward the overall goal of 1,000 jobs, and the company continues to expand and invest in Michigan.
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