LANSING ? Some $3.5 million in grants and tax abatements will result in $41 million in new investment in Michigan.
The Michigan Economic Development Corporation Thursday announced Michigan Strategic Fund approved four business expansion and community revitalization projects around the state that are expected to add 302 new jobs in Michigan.
?These projects will strengthen and further revitalize our communities and help growing companies generate new job opportunities,? said MEDC President and CEO Michael A. Finney. ?Michigan?s unemployment rate has just hit another record low, and today?s investments offer even further evidence of Michigan?s improving economy and the success of our strategy to help companies grow and add jobs here.?
The Michigan Strategic Fund approved incentives for the following projects:
Michigan Business Development Program:
Fuyao Automotive North America Inc., established in June 2008, provides warehousing, assembly, repackaging, inspection, program management, engineering design and sales support services of automotive glass to North American automotive OEMs. The company is a subsidiary of Fuyao Glass Industry Group, a leading international manufacturer of automotive glass located in the People?s Republic of China. Fuyao plans to expand its Charter Township of Orion operations by adding equipment to manufacture auto glass assembly parts. The project is expected to bring in up to $15.3 million new investment and create up to 102 total jobs, resulting in a $1 million Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Ohio, Alabama and Georgia. The Charter Township of Orion plans to offer support to the project in the form of a PA 198 property tax abatement.
Oerlikon Balzers Coatings USA, Inc. is a supplier of physical vapor deposition coatings and other surface technologies which improve the performance and durability of precision components as well as tools for the metal and plastics processing industries. Headquartered in Schaumburg, Il., Oerlikon Balzers Coatings USA has multiple locations in Michigan and plans to create a new large coating center which will introduce new technologies to the U.S. market including new coating technologies and R&D for new applications. The project will involve consolidation of the Harrison Township facility into the project site and will create 50 jobs and a total capital investment of approximately $6 million in the Charter Township of Orion. As a result, the project will receive a $250,000 Michigan Business Development Program performance-based grant and the township has offered a property tax abatement.
Michigan Community Revitalization Program:
Bancroft Project Saginaw LLC plans to renovate the historic Bancroft building in downtown Saginaw into 122 luxury apartments with four commercial storefronts. The project, one of the largest investments in downtown Saginaw since the renovation of the Dow Center, will generate a total capital investment of nearly $5.5 million and create up to 49 jobs. As a result, Bancroft Projects Saginaw has been awarded a $1 million Michigan Community Revitalization Program performance-based grant. The City of Saginaw has approved an Obsolete Property Rehabilitation district for the development and a 12-year OPRA tax abatement valued at an estimated $603,048.
Community Development Block Grant:
The City of Gaylord has been awarded $650,000 in CDBG funds for job training for the AMI Industries project in the City of Gaylord. AMI Industries, a fabricator of tubular products for a variety of industries including automotive and heavy truck, has acquired a facility in Gaylord for light manufacturing and assembly. The company expects to invest up to $4 million and create 101 jobs. The CDBG grant will assist the company with training of skilled machine operators as well as process engineers. The company has agreed that at least 52 of the 101 positions will be held by low to moderate income persons.
