LANSING – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of three brownfield work plans as well as Michigan Business Development and Community Revitalization program incentives to four companies planning expansions in the state. The projects are expected to generate up to $138.8 million in investments and add 399 new jobs in Michigan.
“Today’s wide range of projects all mean more jobs and greater economic opportunities for people across Michigan,” said MEDC President and CEO Michael A. Finney. “These investments demonstrate a growing momentum of real opportunities here resulting from our improved and highly competitive business climate and our state’s world-class workforce capabilities.”
“From leading edge technology to the re-use of a former lumberyard, today’s wide range of projects demonstrates that Michigan can compete with any state in the country as a great place to grow a business,” said MEDC President and CEO Michael A. Finney. “These new investments in our state will strengthen our communities and fuel new opportunities for our talented workforce.”
The Michigan Strategic Fund today approved incentives for the following projects:
A $3,000,000 Community Revitalization Program loan has been awarded to 618 South Main, LLC to redevelop a contaminated property in the City of Ann Arbor into a six- to seven-story residential building that will be targeted specifically to young professionals. The finished project will include loft-style apartments, some studios and one- and two-bedroom units. The project is expected to generate a total capital investment of $37 million and create six full time jobs. The City of Ann Arbor Downtown Development Authority has offered financial support in the form of a $650,000 grant for certain infrastructure improvements.
833 Michigan and 411 Houseman Avenue Project – The City of Grand Rapids Brownfield Redevelopment Authority will use MEGA school and local tax capture valued at $427,227 to redevelop two existing buildings and a former lumberyard in the Midtown section of the City of Grand Rapids. The new development will consist of a 26,000 square-foot medical office, retail space and residential apartment campus. The project is expected to generate a total capital investment of $5.6 million and create 10 permanent new jobs.
857 West Washington Street project – The City of Marquette Brownfield Redevelopment Authority will authorize school and local tax capture valued at $14.3 million to support infrastructure improvements, demolition, and site preparations related to the construction of four buildings for retail, office, residential, restaurant and entertainment purposes on three acres in the City of Marquette. In addition, a $1.9 million Community Revitalization Program loan participation was awarded for the first phase of the project, which includes demolition of an existing building, site preparation and construction of the first commercial building as well as a parking garage. The project is expected to generate a total capital investment of $31 million and create 18 permanent new jobs.
Cataphora, Inc., a data analytics software company based in Menlo Park, CA, is planning to expand its quality assurance and engineering services operations in the City of Ann Arbor. Cataphora, a company whose co-founders include two University of Michigan alumni, first established a small presence in Ann Arbor in 2011. In the next three years, the company is expected to invest approximately $200,000 in its Ann Arbor operation, including the creation of 30 new jobs. As a result, Cataphora is being awarded a $300,000 Michigan Business Development Program performance-based grant over the period of the next three years to assist its growth in the state. The City of Ann Arbor is also offering a grant of up to $25,000 for accelerator assistance.
Dart Container Corporation (Dart) is headquartered in Mason and manufactures single-use foodservice packaging products used in hospitals, schools, restaurants, businesses and homes. In May 2012, Dart acquired Illinois-based Solo Cup Company and now has approximately 15,000 employees and more than 45 production, distribution center and office locations in eight countries. Dart plans to build a new corporate headquarters building and warehouse facility as well as expand existing buildings on its Alaiedon Township campus to integrate Solo Cup corporate and administrative operations into Dart’s location in Michigan. The company plans to invest a total of $47 million and create up to 325 new jobs, resulting in a $3 million Michigan Business Development Program performance-based grant. The project is being completed with support from Alaiedon Township and the City of Mason.
Harbortown Riverside Apartments Redevelopment Project – The City of Detroit Brownfield Redevelopment Authority will use $2.9 million in MEGA school and local tax capture to construct a five-story riverfront residential apartment building within the existing Harbortown complex in the City of Detroit. The building will include approximately 135 to 145 one-, two- and three-bedroom apartments, all with views of the Detroit River. The project is expected to generate a total capital investment of $18 million and create 10 permanent new jobs.
The MEDC markets the state with a focus on business, talent, jobs and helping to grow the economy. For more on MEDC and its initiatives, visit: MichiganAdvantage.org.
Source: Press Release