State Projects to Generate $225M Investment, Add 200 Jobs

1275

LANSING — The Michigan Economic Development Corp. today announced Michigan Strategic Fund approval of $50 million in Community College Skilled Trades Equipment Program funds to 18 Michigan community colleges, incentives for three community revitalization projects and a Request for Proposals for the official Pure Michigan travel guides.

“Today’s MSF actions will promote greater economic opportunities for our businesses and citizens,” said MEDC Chief Executive Officer Steve Arwood. “These new investments in our state will revitalize our communities and strengthen our talented workforce.”

The Michigan Strategic Fund approved $50 million in grants to 18 community colleges under the Community College Skilled Trades Equipment Program. The colleges will use the funds for the purchase of equipment that will allow them to deliver educational programs in high-wage, high- and middle-skill, and high-demand occupations.

The MSF also approved the issuance of bonds to fund the equipment purchases. It ranks among the highest dollar investments by a state to community colleges for skilled trades’ job development.

Community revitalization projects include:

MSF approved $56 million in local and school tax capture for the city of Marquette Brownfield Redevelopment Authority to redevelop approximately 37 acres of property in Marquette. The project will consist of demolition of existing structures on the site and construction of the new regional acute-care DLP Marquette General Hospital and medical office building. The project will generate a minimum total capital investment of $170 million and create 150 new jobs as well as retain 2,300 jobs.

In addition, MSF approved a $4.1 million Michigan Community Revitalization Program loan participation for Liberty Way Hospitality LLC to continue the redevelopment of a brownfield site in Marquette. Formerly a blighted industrial baking facility, the site is being redeveloped in three phases. Upon completion, the project will consist of three building including office, residential, restaurant and hotel space. The project being approved today will consist of the construction of the second building, an extended stay hotel, residential facility and two-level underground parking facility. The project will also incorporate the construction of a pedestrian connector path to an extensive trail network and the new Marquette General Hospital health care campus. The project will generate a total capital investment of nearly $20.4 million and create 20 jobs. The City of Marquette has provided support to the project through brownfield tax increment financing totaling $7.5 million.

55 Ionia Partners LLC plans to renovate a 13-story building in downtown Grand Rapids. The project will include retail, office and residential space. The project will generate a total capital investment of $34.4 million and create 25 jobs, resulting in a $4.3 million of Michigan Community Revitalization Program loan participation. Grand Rapids and Downtown Development Authority are providing more than $2 million in support through streetscape and energy grants and reimbursement support for façade improvements.

The Michigan Strategic Fund and the Michigan Economic Development Corp. issued a Request for Proposals to solicit proposals for the development, sales, production and proactive distribution of the official State of Michigan fall, winter and spring/summer travel guides.

Facebook Comments