LANSING —The Michigan Strategic Fund has approved state support for three major economic development projects around the state that are projected to generate nearly $350 million in new investments and add about 880 new jobs in Michigan.
“These projects cover a range of industries and technologies and assure strong economic opportunities for Michigan businesses and citizens,” said Gov. Rick Snyder. “We’ve put in place bold reforms to improve Michigan’s business climate and create jobs. Today’s projects offer strong evidence of Michigan’s improving economy and the success of our strategy to help companies grow here.”
Challenge Manufacturing Co. LLC is a leading Tier 1 manufacturer of engineered modular assemblies and metal formed products and for the automotive industry. In March 2013 the company was awarded a $1 million Michigan Business Development Program performance-based grant to expand in West Michigan and create 180 jobs. The company has exceeded this hiring commitment two years ahead of schedule and successfully collected its entire grant. As a result of new contracts, Challenge Mfg. needs to establish new assembly operations and plans to construct a 400,000 square-foot facility in Pontiac. The project will generate a total capital investment of up to $50 million and create 450 new jobs, resulting in a $2.5 million Michigan Business Development Program performance-based grant.
The city of Coopersville has been awarded $2.4 million in Community Development Block Grant funds for infrastructure improvements needed for the Fairlife, LLC expansion project. The company plans to construct two new bottling lines and add new machinery at its Coopersville facility, investing up to $96.3 million and creating 100 jobs. The CDBG funds will be used to improve the wastewater collection/transmission at the site to allow for the expansion. The company has agreed that at least 51 of the 100 positions will be held by low to moderate income persons. Coopersville is expected to contribute $384,000 toward the improvement costs.
Green Box NA Michigan LLC received Michigan Strategic Fund approval of an inducement resolution for issuance of up to $125 million in private activity bonds to partially finance a $200 million project in two separate locations, Cheboygan and Detroit. The project will create a total of 331 jobs between the two facilities.
“Today’s projects will help strengthen and revitalize these Michigan communities and help growing companies generate new job opportunities,” said MEDC president and CEO Michael A. Finney. “We should all applaud these investments in Michigan’s future.”