The Michigan Economic Development Corporation today announced Michigan Strategic FUND approval of two business expansion projects that are expected to generate nearly $22 million in INVESTMENTS and add up to 115 new jobs in Michigan.
"Today's investments offer further evidence of Michigan's improving economy and the success of our strategy to help companies grow and add jobs here," said MEDC President and CEO Michael A. Finney. "These projects mean good jobs and greater economic opportunities for Michigan residents."
LTC Roll & Engineering Co., Inc. was founded in 1967 as a manufacturer of roll form tooling and later expanded into manufacturing roll formed parts, mainly for the automotive industry. The company plans to purchase a facility to expand its manufacturing facility in the Township of Cottrellville (St. Clair County), investing nearly $8.6 million and creating 90 jobs. As a result of the expansion, the project has been awarded a $450,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in other states. The St. Clair County Economic Development Alliance is supporting the project by hosting a job fair.
Mando America Corporation, a manufacturer of automotive braking, steering, suspension, and chassis controls for major OEMs, has its research, engineer, sales and MARKETING operations in Monitor Township (Bay County) and the City of Novi. The company plans call for additional renovation of the Monitor Township facility, INVESTING up to $13.4 million and creating 25 jobs. As a result, the project has been awarded a $200,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Alabama and Georgia. Monitor Township is supportive of the project.
Michigan has an expansive research and development community where up to 80 percent of the total U.S. automotive R&D spending takes place, more auto-related research than all other states combined.
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.
The MSF considers 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.