LANSING ? Tax incentives of more than $2 million by the Michigan Strategic Fund and Michigan cities will prompt three companies to invest up to $24 million and create some 400 new jobs in the state.
?These expansions in our automotive and IT sectors highlight Michigan?s singular leadership in making things and making things work,? said Michigan Economic Development Corp. President Michael A. Finney. ?These projects all mean more jobs and greater economic opportunities for people across Michigan.?
The Michigan Strategic Fund approved incentives for the following projects:
Cooper-Standard Automotive Inc. is a global automotive supplier, offering solutions in body sealing, fuel, brakes, emissions, thermal management and anti-vibration systems. Cooper-Standard has recently been awarded replacement business for the Ford P415 assembly, requiring additional manufacturing space and related production equipment at its facility in Comins Township (Oscoda County). The company plans to invest up to $6.3 million and create 177 jobs. As a result, the company has been awarded a $1 million Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Tennessee, Arkansas and Mexico. Comins Township has offered support in the form of a 12-year property tax abatement valued at $397,000.
Pillar Technology Group, LLC, founded in Michigan, is a software development and consulting company that creates digital software solutions. Pending local support, Pillar is planning to open a software studio in the City of Ann Arbor called ?Forge? that will allow rapid development of software products and solutions. The company will invest up to $1.43 million and create 45 jobs, resulting in a $350,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Ohio and Iowa. Ann Arbor SPARK has and will continue to work with the company as it takes steps to establish and grow an office in the region.
Ventra Grand Rapids 5, LLC, an automotive component supplier, is purchasing a new building and additional assembly equipment in the City of Kentwood to expand its current lighting product line and acquire new work from large automotive companies in Michigan. The company plans to invest up to $16.3 million and create 181 jobs, resulting in a $650,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in other states. The City of Kentwood is offering support to the project in the form property tax abatement.
