Michigan Strategic Fund Approves $173.6M in Projects Across State

The Michigan Strategic Fund of the Michigan Economic Development Corp. approved projects and initiatives that are expected to generate a total capital investment of $173.6 million and create 473 jobs.
318
Godfrey Hotel
The Godfrey Hotel Redevelopment in Corktown was approved by the Michigan Strategic Fund and is expected to generate a total capital investment of $74.1 million. // Rendering courtesy of the Michigan Economic Development Corp.

The Michigan Strategic Fund approved projects and initiatives that are expected to generate a total capital investment of $173.6 million and create 473 jobs, according to the Michigan Economic Development Corp.

“Today’s actions by the MSF board continue to lay the path for economic prosperity for Michigan’s residents, businesses, and communities,” says Mark Burton, CEO of the MEDC. “These projects are investments in some of Michigan’s greatest competitive advantages – our skilled and diverse workforce and our continued leadership in manufacturing, our high-tech ecosystem, and the next generation of autonomous and electric vehicles.”

Magna Electric Vehicle Structures-Michigan Inc., part of Canada’s Magna International, announced it would construct a 345,000-square-foot facility with the ability to support an expansion of up to 1 million square feet in the city of St. Clair. The facility will produce complex structural battery enclosures for electric propulsion vehicles, and the company has been awarded a new program for the 2022 GMC Hummer EV, which is set to begin production at GM’s Factory Zero facility in Detroit-Hamtramck this fall.

The project will generate a total private investment of $70.1 million and create more than 300 jobs over the next five years. Magna has been awarded a $1.5 million Michigan Business Development Program grant that will be awarded over time as jobs are created. Michigan was chosen over competing sites in the Midwest.

Magna has developed training and mentorship programs that provide for advancement within the organization and offers an executive leadership program that works with local school districts and colleges to build an employment pipeline. Jobs created through the investment will include managers, engineers, administrative assistants, operators, and more.

The fund also approved community revitalization projects in Detroit, Holland, and Alma.

The Godfrey Hotel Redevelopment project will remove an existing vacant commercial building and construct a seven-story, 227-room boutique hotel in the Corktown neighborhood of Detroit. It will include a ground-floor lobby, bar and restaurant, ballroom, and rooftop café and amenity space. It will also include new sidewalks, brick walkways, curbs, paving, and landscaping.

The project is expected to generate a total capital investment of $74.1 million and create or retain 160 full-time equivalent jobs.

The City of Detroit Brownfield Redevelopment Authority received fund approval of a Brownfield Work Plan including state tax capture of nearly $1.9 million to remediate brownfield conditions at the site. The city is contributing the local portion of the Brownfield Tax Increment Financing, valued at nearly $3.3 million. The city also is engaged with the MEDC’s Redevelopment Ready Communities program.

Towers on River plans to remove a vacant single-story building and construct a five-story, mixed-use development in the city of Holland. The building dates to 1883 and has seen an array of uses, including commercial. The development will include retail, commercial office space, and residential condominiums. The project is expected to generate a total capital investment of $26.9 million and create five full-time equivalent jobs. The location is between the downtown district and underused waterfront and former industrial sites.

The City of Holland Brownfield Redevelopment Authority received fund approval of a Brownfield Work Plan including state tax capture in the amount of more than $2.2 million for the removal of brownfield conditions. The city is contributing the local portion of the Brownfield Tax Increment Financing, valued at nearly $3 million. The city of Holland is engaged with the MEDC’s Redevelopment Ready Communities program.

In downtown Alma (west of Saginaw and south of Mt. Pleasant) The 313 N. State Street redevelopment project will transform a functionally obsolete historic building into a mixed-use development. It will include nine residential units and well as commercial space that will contain a nine-room boutique hotel. The project is expected to generate a total capital investment of about $2.5 million.

The fund approved a $900,000 Michigan Community Revitalization Program performance-based grant in support of the project. The Gratiot County Brownfield Redevelopment Authority received approval of a Brownfield Work Plan including state tax capture of more than $200,000 to remediated brownfield conditions. The city of Alma is also approving a 12-year Obsolete Property Rehabilitation Act property tax abatement valued at $360,000. Alma is engaged with the MEDC’s Redevelopment Ready program.

Finally, the fund approved financial support for incubators in Flint and northern Michigan. For Northern Michigan University’s Invent@NMU Business Incubator, it approved $320,000 in funding. The incubator helps students and tech entrepreneurs with startups across the Upper Peninsula. The Flint Ferris Wheel Innovation Center Business Incubator Grant Amendment, a business incubator and co-working space in downtown Flint, was awarded a one-year extension of the Ferris Wheel grant and an additional $260,000 in funding.

Through SmartZones, Michigan provides business entrepreneurs and startups with accelerator services including mentoring, networking events, product development, grant writing, business planning, technology mining, market analysis, and more. The Gateway Representative Business Incubator Grant Amendment supports the 21 SmartZones across Michigan by assigning a dedicated representative at each location to serve as a point of contact. The fund approved one-year extensions to the Gateway grants for 18 SmartZone locations and an additional $100,000 each in funding.

The MEDC is the state’s marketing arm and an advocate for business development, job awareness, and community development.

Check out DBusiness’ article on a planned digital roadway along Michigan Avenue here.

Facebook Comments