LANSING (WWJ) -- The Michigan Economic Development Corp. announced approval of Michigan Business Development Program incentives to three companies planning expansions in the state. The projects are expected to generate up to $24 million in investments and add 403 new jobs in Michigan.
"These expansions in our automotive and IT sectors highlight Michigan's singular leadership in making things and making things work," said MEDC president and CEO Michael A. Finney. "These projects all mean more jobs and greater economic opportunities for people across Michigan."
The Michigan Strategic Fund approved incentives for the following projects:
* Cooper-Standard Automotive Inc. is a global automotive supplier, offering body sealing, fuel, brakes, emissions, thermal management and anti-vibration systems. Cooper-Standard has recently been awarded replacement business for the Ford P415 assembly, requiring additional manufacturing space and related production equipment at its plant in Oscoda County's Comins Township. The company plans to invest up to $6.3 million and create 177 jobs. As a result, the company has been awarded a $1 million Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Tennessee, Arkansas and Mexico. Comins Township has offered support in the form of a 12-year property tax abatement valued at $397,000.
* Pillar Technology Group LLC, founded in Michigan, is a software development and consulting company. Pending local support, Pillar is planning to open a software studio in Ann Arbor called "Forge" that will allow rapid development of software products. The company will invest up to $1.43 million and create 45 jobs, resulting in a $350,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Ohio and Iowa. Ann Arbor Spark has and will continue to work with the company as it takes steps to establish and grow an office in the region.
* Ventra Grand Rapids 5 LLC, an automotive component supplier, is purchasing a new building and additional assembly equipment in Kentwood to expand its current lighting product line and acquire new work from large automotive companies in Michigan. The company plans to invest up to $16.3 million and create 181 jobs, resulting in a $650,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in other states. Kentwood is offering support to the project in the form property tax abatement.
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.
The MSF will consider a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.
For more on the MEDC and its initiatives, visit: MichiganBusiness.org. For Michigan travel news, updates and information, visit michigan.org.
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