
LANSING — Projects expected to generate more than $96.5 million in total investment and create or retain 267 jobs in Michigan gained approval from the Michigan Strategic Fund, the Michigan Economic Development Corp. announced today.
* 310 East Third Street LDHA LP received a $7 million Michigan Strategic Fund performance-based loan to support the redevelopment of the former Flint YWCA on Third Street into a mixed-use development of 92 residential unit and retail space. The project is expected to generate a total capital investment of $19.5 million and create 20 permanent full-time equivalent jobs. The city of Flint is contributing a $250,000 loan from its HOME program and a Payment in Lieu of Taxes valued at 6 percent. In addition, the project is expected to receive a Low Income Housing Tax Credit equity investment of approximately $9.5 million.
* The Kalamazoo Brownfield Redevelopment Authority received MSF approval of local and school tax capture valued at $1,549,178 for the rehabilitation of a vacant, historic former paper manufacturing building into office space in downtown Kalamazoo. The project will include the demolition of a non-historic section of the building to restore its to its historic state. The project is expected to generate a total capital investment of $9.2 million and create seven jobs as well as retain 160 jobs. The tax capture will be used to remediate brownfield conditions at the site, including removal of asbestos, preparing the site for development, and making infrastructure improvements.
* Temple Group Holdings received a $5,697,000 Michigan Community Revitalization Program performance-based loan participation to support a $67.6 million rehabilitation of the eight-story former Standard Accident Insurance Co. building in Midtown into a mixed-use development that includes hotel, banquet, restaurant, and bar space, and residential apartments on the top three stories. The adjacent vacant lot will be turned into green space that will serve as an area for outdoor entertainment. The project is expected to create 80 permanent full-time equivalent jobs. The city of Detroit has approved an Obsolete Property Rehabilitation District valued at $13,221,355 in support of the project. MSF also approved $4,957,402 in local and state tax capture for the City of Detroit Brownfield Redevelopment Authority to remediate brownfield conditions at the site.
MSF also approved the following:
* Extension of the grant terms for the Michigan Venture Capital Association Venture Upstart III to Sept. 30, 2019 and allocate additional funding of $300,000. The project aims to boost the number of venture professionals in Michigan.
* $480,000 to support the BBC Entrepreneurial Training Corp., which awards grants and loans for basic and applied research, university technology transfer and commercialization of projects, and more.
* An amendment to the Michigan Small Business Development Center grant to allocate an additional $5.67 million to support the continuation of its four key initiatives, including technology counseling services, business accelerator funding, emerging technology funding, and more.
* Allocation of fiscal year 2019 funds of $2.6 million for the statewide Michigan Translational Research and Commercialization (MTRAC). The MTRAC program aims at the creation and operation for a program to accelerate technology transfer from Michigan’s institutions of higher education to the private sector for commercialization of competitive edge and bioeconomy technologies.
* An extension and additional funding for the University of Michigan MTRAC Life Science Innovation Hub. The funding will focus on four specific market segments: devices, diagnostics, therapeutics and healthcare IT.
* An inducement resolution for the issuance of private activity bonds for Gerdau Macsteel, Inc. to make solid waste disposal and air emissions technology improvements at its Monroe plant.
* An inducement resolution for issuance of private activity bonds Oakland Corridor Partners, LLC to make improvements to a 5.5-mile segment of the I-75 corridor.
This week’s MSF meeting marked the final session in fiscal year 2018. From Oct. 1 through Aug. 31, MSF and MEDC have supported $7.2 billion in private investment and the creation of 38,989 private-sector jobs. Grants approved throughout the year supported a range of the state’s traditional and emerging industries, including automotive and advanced manufacturing, agriculture, mobility, aerospace, defense and cybersecurity.
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and its initiatives, visit www.MichiganBusiness.org.