The Michigan Economic Development Corporation (MEDC) announced funding for economic development and community revitalization projects that will create 1,444 new jobs and generate a combined $362 million in capital investment.
Michigan Strategic Fund (MSF) approval of an inducement resolution has been cleared for Michigan State University for a $100 million bond to build the Facility for Rare Isotope Beams (FRIB).
This $600 million project has also received funded from the federal government, and the bond issue will provide the required community share of the funding. MSU estimates that 5,000 construction jobs while be created while FRIB is being built, and 400 new full-time jobs thereafter.
Another project that received MEDC funding approval is the proposed TD Ameritrade Holding Corporation (NYSE: AMTD) technology center in the City of Ann Arbor, MI. The company will invest up to $3 million into this project, which is expected to create 50 new jobs.
TD Ameritrade was also looking at sites in Nebraska, Illinois and New Jersey for the technology center. MEDC sealed the deal with the help of a $500,000 performance-based grant offered under the Michigan Business Development Program. The City of Ann Arbor is offering additional local incentives for workforce recruitment.
German Automotive supplier Eberspaecher is getting a $4.5 million Michigan Business Development Program grant for an expansion of its facility in the City of Brighton. The company is also getting a grant from the Michigan Department of Transportation’s Economic Development Fund, and a property tax abatement has been offered by Brighton. Eberspaecher North America, Inc. plans to invest $122 million and create 545 new jobs.
MRO services provider Kalitta Air, LLC plans to build a new airplane hangar at the Wurtsmith Airport in Oscoda Charter Township. The project requires a $9.7 million investment and will create 200 new jobs. Kalitta has been approved for a $2 million state grant, and Oscoda Charter Township is offering tax increment financing (TIF) worth an estimated $2.3 million over a 29-year period.
Michigan Community Revitalization Program (MCRP) incentives have been approved for three renovation and redevelopment projects. Ashley Owner, LLC is getting a $1 million grant for renovating the historic Milner Hotel in Detroit. The Strathmore Hotel renovation project in Detroit is getting a $3.5 million equity contribution. Midland DTH LLC is getting a $4.8 million loan for a mixed-use redevelopment project in Midland.
Two companies – McLaren Performance Technologies, Inc. and AVL Powertrain Engineering, Inc., were approved for enhancements to existing job creation tax credits.
Apart from all these projects, MSF also approved more than $7 million in funding for infrastructure improvement projects in 14 Michigan communities under the Downtown Infrastructure Grant (DIG) program. Details of these community grants will be released later this week.