LANSING — With several economic developement and community revitalization projects in the works and the approval of the Michigan Strategic Fund, the Michiigan Economic Development Corp. expects the collaboration to generate $133.6 million in capital investments and create more than 400 new jobs in the state.
“Michigan is America’s Comeback State, and these projects add to our growing momentum,” said Gov. Rick Snyder. “These new investments in our state will strengthen our communities, spur new commercial investment in our cities and fuel new opportunities for our talented workforce.”
Headqaurtered in Auburn Hills, BorgWarner Inc. is focused on technologies that improve fuel economy, emissions, and performance. Company officials say BorgWarner plans to expand its Powertrain Technical Center in Auburn Hills, investing up to $11 million and creating up to 200 new jobs related to motor vehicle transmission and powertrain parts manufacturing. As a result, the company has been awarded a $3.2 million Michigan Business Development Program performance-based grant.
The Joe Louis Agreement provides up to $6 million in economic assistance for the demolition of the arena. The demolition is anticipated to spur new commercial investment along the Detroit riverfront which involves the Olympia Development, Detroit’s Downtown Development Authority and the State of Michigan to facilitate the development of a $450 million new events center and at least $200 million in ancillary private development.
“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.”
Michigan residents interested in seeking employment with any of Michigan’s growing companies should check out http://mitalent.org, where jobs are available in a variety of industries.