The Michigan Strategic Fund today approved projects expected to generate more than $95.9 million and create 918 jobs, according to the Michigan Economic Development Corp. (MEDC).
“These projects will lead to new business growth, revitalized communities, and more and better jobs for our residents,” says Jeff Mason, CEO of MEDC. “The continued support for entrepreneurial services further demonstrates Michigan’s commitment to high-tech startups in the state’s entrepreneurial landscape. These investments are the result of vital long-term relationships with public and private partners, and we’re pleased to be a part of the collaboration to bring today’s projects to fruition.”
RPM Freight Systems in Royal Oak, which provides transportation services associated with freight, finished vehicle, and bulk commodities across North America, plans to reinvest in its employee network and expand its Royal Oak office. The project is expected to generate a total private investment of $4.9 million and create 500 jobs, resulting in a $3.75 million Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in Tennessee. The City of Royal Oak will be reserving parking spaces for RPM to purchase. Career information with RPM is available here. The company came off a banner year exceeding top-line revenue of $172 million.
U.S. Roof, a subsidiary of Inteva Products, a Troy-based global automotive supplier focused on enhancing vehicle safety, quality, and performance, is looking to lease a new facility in Oakland or Wayne county that will encompass an office, a tech center, production, and warehousing. The project is expected to generate a total capital investment of $13.8 million and create 334 jobs, resulting in a $3.34 million Michigan Business Development Program performance-based grant. The subsidiary was founded in 2018.
“Inteva Products is pleased to bring additional jobs and technology to Michigan to support the business growth we’ve experienced with global automakers,” says Karen Manardo, director of government relations, marketing, and communications for Inteva Global. “This will be Inteva’s third site in Michigan, in addition to our world headquarters in Troy and our manufacturing facility in Adrian. We’ve also made capital investments in those sites in recent years in order to support growth and are appreciative of the support we’ve received on an ongoing basis throughout Michigan.”
Michigan was chosen over a competing site in Ohio. Those interested in careers with Inteva can find more information here.
Kzoo Hotel Partners plans to redevelop the historic Rose Street Market building and adjacent parking lot into hotel and commercial space in downtown Kalamazoo. The project will include the renovation of the six-story building and the construction of two new buildings that when completed, will consist of a 113-room national flag boutique hotel, a 107-room extended stay facility, and approximately 15,000 square feet of office and commercial space. The project is expected to generate a total capital investment of more than $44 million and create 75 jobs. The Michigan Strategic Fund approved a $7.45-million Michigan Community Revitalization Program performance-based loan participation in support of the project. The City of Kalamazoo Brownfield Redevelopment Authority also received Michigan Strategic Fund approval of more than $3.4 million in local and school tax capture for the alleviation of brownfield conditions at the site.
Jackson Downtown Partners plans to redevelop a vacant former industrial site in downtown Jackson into a four-story, mixed-use building known as The 200. The project will consist of 86 market-rate residential apartments on the upper three stories and a portion of the first floor, and commercial rental space on the first floor. The project is located in the downtown Jackson Smart Energy District and will be built using strategies aimed at improving performance in energy savings, water efficiency, carbon dioxide emissions reduction, and more. The project is expected to generate a total capital investment of $13.5 million and create nine full-time equivalent jobs, resulting in a $3 million MCRP performance-based loan participation.
The Michigan Strategic Fund also approved $757,679 in local and school tax capture for the City of Jackson Brownfield Redevelopment Authority to alleviate brownfield conditions at the site.
The City of Grand Rapids Brownfield Redevelopment Authority received MSF approval of more than $2 million in local and school tax capture to support the Michigan Meadows project in the Michigan Oaks neighborhood near downtown Grand Rapids. The project will demolish a vacant church and maintenance garage to construct 23 two- and four-bedroom townhome buildings. When completed, the project will consist of 88 units of residential housing, as well as a new public road, streetscaping, private drives, and extensive sitework, while maintaining more than 10 acres of natural features and greenspace. The project is expected to generate a total capital investment of $19.1 million. The tax capture will be used to alleviate brownfield conditions at the property.
In addition, the fund approved three projects that are aimed at supporting Michigan’s high-tech startups around the state. The fiscal year 2019 Business Incubator Program awards gave a total of $600,000 to provide business incubator services to early-stage technology companies and institutions including Ann Arbor SPARK, the Enterprise Group of Jackson Inc., Automation Alley, TechTown Detroit, and the City of Grand Rapids SmartZone, to commercialize technologies.
The fund also approved a grant amendment for UM Economic Growth Institute to continue to administer the Entrepreneurial Service Provider First Customer Program. Since 2012, the Michigan Strategic Fund board has funded the statewide program that assists startups and small companies diversifying into new industries to identify potential first customers. In October 2015, MSF approved funding of $1 million to the institute for three years with the option to extend the term for an additional two one-year terms. Today’s amendment extends the grant for an additional year and with an increase of $335,000.
Finally, Wayne State University received fund approval as an Advanced Computing Hub with the Michigan Translational Research and Commercialization statewide program. The fund also approved an allocation of $250,000 from the 21st Century Jobs Fund 2019 MTRAC program budget as funding for one year for this innovation hub.
MEDC is the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the Michigan Strategic Fund.
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