Michigan Strategic Fund Supports $85M in New Investment, 878 Jobs

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Companies and organizations with proposed projects that will create $85 million in new private investment and up to 878 jobs in the state have been approved to receive grants from the Michigan Strategic Fund.

“The commitment by these companies to grow and create jobs in Michigan will strengthen our communities and fuel more and better jobs for our talented workforce,” says Gov. Rick Snyder. “Today’s investments in Michigan and its people show that our efforts are making our state a desirable location for businesses to locate, grow, and thrive.”

For example, FEV Group received a $1.2 million Michigan Business Development Program grant for its plans to construct a new facility that will house a tech center, engineering services, and headquarters in Auburn Hills. More than $27 million will be invested to construct the facility, which will create 250 jobs.

The city of Hazel Park Brownfield Redevelopment Authority received approval of $5.8 million in local and school tax capture for the redevelopment of 36 acres of land at the Hazel Park Raceway complex. The project is expected to generate $36 million in total capital investment and create 175 full-time equivalent jobs.

River’s Edge Partners garnered a $750,000 Michigan Community Revitalization Program performance-based grant and $742,930 in local and school tax capture for its plans to convert a former steel fabrication plant in downtown Kalamazoo into an office and collaborative incubator space. The project will generate a total capital investment of $10.4 million and create 118 full-time equivalent jobs.

The Michigan Strategic Fund also approved:

  • $1 million in funding to Michigan State University in East Lansing to serve as the Michigan Translational Research and Commercialization Ag Bio Innovation Hub
  • $100,000 in funding to Lawrence Technological University in Southfield to provide support services and business advice to early stage technology companies
  • $100,000 in funding to the Flint and Genesee Chamber of Commerce to provide government contracting support to businesses
  • A $2.2 million grant to JR Automation Technologies to create an additional facility near its operations in Holland Charter Township
  • A $2.9 million Community Development Block Grant to the city of Adrian for a project in the city’s downtown area.
  • A $636,680 Michigan Community Revitalization Program performance-based grant to River Parc Place to renovate an existing four-story building in Manistee
  • Inducement resolution for private activity bond financing of up to $4.5 million for the construction of a new building and acquisition of equipment in Monitor Charter Township

Among the businesses and projects that will receive funds, the city of Detroit has also been selected for the state’s seventh and final Next Michigan Development Corp. The designation requires that the city attract eligible businesses to districts in Detroit that have the greatest potential for growth in the manufacturing, transportation, distribution, and logistics industries.

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