LANSING – The Michigan Economic Development Corporation announced Michigan Strategic Fund approval of the 2013 Business Incubator Program Request for Proposals, as well as several jobs-creating projects including Michigan Business Development Program incentives to three expanding companies, a MEGA amendment and a brownfield work plan approval.
The new development projects are expected to generate up to $142.8 million in investments and add 762 new jobs in Michigan.
“Today’s wide range of projects all mean greater economic opportunities for people across Michigan,” said MEDC President and CEO Michael A. Finney. “These investments demonstrate a growing momentum of real opportunities here resulting from our improved and highly competitive business climate and our state’s world-class workforce capabilities.”
The Michigan Strategic Fund today approved:
2013 Business Incubator Program – A Request for Proposals (RFP) to solicit proposals from high-performance business incubators or accelerators in Michigan to support entrepreneurs in launching and growing start-up technology companies throughout the state. The total funding available through the 2013 Business Incubator Program is $8.5 million.
The Martin-Brower Company, L.L.C. is a leading logistics service provider for restaurant chains around the world. The company recently acquired the assets of M&M Restaurant Supply in the St. Johns and plans to expand the facility. Martin Brower will invest approximately $16.3 million in the facility and expects to create 150 new jobs, resulting in a $500,000 Michigan Business Development Program incentive for the project.
Michigan Renewable Carbon, a wholly owned subsidiary of Biogenic Reagents, is a producer of renewable reagents and biofuels for use in the metals and energy production markets. MRC recently acquired the abandoned Cliffs Natural Resources RenewaFUEL biomass production facility in Forsyth Township, Marquette County, and is converting the facility for production of its carbonized biomass products. The company expects to invest $16 million and create 27 jobs, resulting in a $2 million Michigan Business Development Program incentive.
Midland Stadium District project – The City of Midland Brownfield Redevelopment Authority will use MEGA school and local tax capture valued at $7.7 million to demolish the former McKay Press and First Choice Auto Sales buildings and construct a four-story mixed use building in Midland. The project will include a number of public infrastructure improvements such as streetscape upgrades, decorative lighting and street planters. The project is expected to generate a total capital investment of $46 million and create 200 permanent new jobs.
Monadnock Non-Wovens, LLC, based in Pennsylvania, manufactures synthetic melt blown media roll goods for a variety of technical applications. The company has experienced significant growth and plans to open a new facility in Coldwater to manufacture polypropylene non-woven roll goods, investing $4.5 million and creating 60 new jobs. As a result of the expansion, Monadnock has been awarded a $360,000 Michigan Business Development Program incentive.
Nexteer Automotive Corporation MEGA amendment –Nexteer Automotive Corporation, headquartered in Buena Vista Township, is focused on advanced steering and driveline systems technology. The company is considering expanding its new electric power steering program, requiring an additional $60 million in investment and creating an additional 325 new jobs. As a result of this growth, the MSF approved an increase in the maximum allowance for retained jobs on the MEGA tax credit to 325, allowing for up to 2,725 retained jobs to be covered under this credit.