LANSING — The Michigan Economic Development Corp. Wednesday announced Michigan Strategic Fund approval of two business expansions and one community revitalization project that will generate nearly $39 million in private investment and create 151 jobs.
The Michigan Strategic Fund approved incentives for the following projects:
Michigan Business Development Program:
Atomic Object LLC designs and develops custom software applications for clients in a wide range of industries, including healthcare, education, test and measurement, automotive, and enterprise software. The company is experiencing rapid growth and plans to renovate a building in Grand Rapids to serve as its newly expanded headquarters, double its Ann Arbor location and lease additional space in Detroit. The expansions will generate a total capital investment of more than $2.9 million and create 33 jobs, resulting in a $250,000 Michigan Business Development Program performance-based grant. Michigan was chosen for the expansion over a competing site in Texas, as well as the possibility of outsourcing to offices in India and Eastern Europe. The city of Grand Rapids is offering support to the project in the form of property tax abatement. For information about careers with Atomic Object, visit https://atomicobject.com/careers.
Emhart Teknologies LLC, a wholly-owned subsidiary of Stanley Black & Decker, is a provider of power and hand tools, products and services for industrial applications. The company plans to expand its plant in Chesterfield Township by 30,000 square feet and convert existing office space into manufacturing space. The company will lease additional space in Troy to accommodate and grow its office operations. The projects are expected to generate a total capital investment of more than $32.8 million and create 83 jobs, resulting in a $350,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in other states. Chesterfield Township has offered property tax abatement in support of the project. Individuals interested in career opportunities with Emhart Teknologies should visit www.mitalent.org.
Michigan Community Revitalization Program:
Paradise Valley Real Estate Holdings LLC and Real Times Inc. of Illinois plan to renovate a three-story vacant historic building on Randolph Street in Detroit. The historic building is located in an area of downtown Detroit known as Paradise Valley. The completed project will include the new headquarters of Real Times Inc. of Illinois along with restaurant and office space. The building requires extensive rehabilitation including a new roof, HVAC, an additional staircase, and improvements to bring it up to local building and fire codes. The project will generate a total capital investment of more than $3.1 million and create 35 jobs, resulting in a $413,000 Michigan Community Revitalization Program performance-based grant. The city of Detroit is supporting the project with a $900,000 Community Development Block Grant forgivable loan, a $200,000 acquisition loan from the Detroit Economic Growth Corp. and a 12-year Obsolete Property Rehabilitation Act abatement valued at $42,000 per year.
For more on the MEDC and its initiatives, visit michiganbusiness.org. For Michigan travel news, updates and information, visit michigan.org. Michigan residents interested in seeking employment with any of Michigan’s growing companies should check mitalent.org, where more than 96,000 jobs are currently available in a variety of industries.