tLANSING – The Michigan Economic Development Corporation today announced that three companies were approved for incentives by the Michigan Strategic Fund through the Michigan Business Development Program to support their expansions in the state. The projects are expected to generate up to more than $35 million in investments and add up to 443 new jobs in Michigan.
t“These three companies, in both Southeast and West Michigan, are demonstrating that Michigan can compete with any state in the country as a great place to grow their businesses,” said Michael A. Finney, MEDC President and CEO. “Their new investments show once more Michigan’s highly competitive business climate and tremendous workforce capabilities mean real opportunities for leading edge companies.”
tComputerized Facility Integration, LLC (CFI) a provider of consulting and Integrated Workplace Management Systems (IWMS) for real estate and facility management, proposes to invest up to $908,000 to expand its Southfield operations. The company expects to create up to 79 new jobs, resulting in a state incentive of $434,500. Michigan was chosen over a competing site in Nevada. The City of Southfield is supportive of this project and has approved a tax abatement for the project.
tLacks Enterprise, Inc. has been awarded a $350,000 Business Development Program incentive to expand its West Michigan operations. Lacks proposes to invest up to $31.9 million to establish a new plant in Cascade Charter Township to manufacture and warehouse chrome plated plastic parts for the automotive and appliance industries. The company expects to create up to 120 new jobs as a result of the project. Michigan was chosen over competing sites in Kentucky, South Carolina and Virginia. Cascade Charter Township has offered a 12-year tax abatement to the project.
tMagna Seating of America, Inc., an operating unit of Magna International Inc., has been awarded a $732,000 Business Development Program incentive to expand its Highland Park operations. The manufacturer of automotive seating systems proposes to invest up to $2.2 million to allow for two new contracts to major automotive original equipment manufacturers. The company expects to create 244 new jobs as a result of the expansion. The City of Highland Park is supportive of the project.
tSigned into law by Snyder in December, the Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
tThe MSF will consider a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.
tThe Michigan Business Development Program replaces the state’s previous MEGA program that was a feature of the Michigan Business Tax that was eliminated under business tax restructuring legislation approved and signed into law by Snyder in May 2011.