Michigan Strategic Fund approves Trade Crossing Agreement, Venture Development Fund, Travel Guide recommendation, business incentives
LANSING– The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a number of significant items, including the New International Trade Crossing Agreement, creation of the new Pure Michigan Venture Development Fund, the official Pure Michigan Travel Guide recommendation and two Michigan Business Development Program incentives.
“The Michigan Strategic Fund today took on an extensive agenda that promotes a wide array of new economic opportunities for the people of our state,” Governor Rick Snyder said. “Today’s actions address essential aspects of much-needed improvement that will lead to new business investment and the creation of more and better jobs.”
New International Trade Crossing Agreement – The Crossing Agreement provides for the construction, design and operation of a bridge between Canada and Michigan and establishes the MSF as a party to the agreement, primarily to facilitate acquisition of Michigan lands necessary for the bridge.
The construction and operation of the NITC will:
- Create a demand for thousands of jobs related to the project.
- Open new global markets for farmers, entrepreneurs and manufacturers across Michigan.
- Allow Michigan to maximize federal matching funds for use on highway projects across the state.
- Provide additional capacity to meet long-term demands as the economy grows.
- Minimize the likelihood of an economic disaster should the other crossings sustain a lengthy shutdown.
Pure Michigan Venture Development Fund – Beginning June 28, the Pure Michigan Venture Development Fund will seek applications from first and second generation venture capital funds in Michigan for the primary purpose of increasing their ability to raise additional funds and become viable entities, with the ultimate intent of increasing the number of venture investments in the state. The complete guidelines for the PMVDF Fund can be found at www.michiganadvantage.org/PureMichiganVentureDevelopmentFund.
Pure Michigan Travel Guide Recommendation – The Michigan Strategic Fund today voted to award and enter into a contract for the Pure Michigan Travel Guide to Meredith Corporation for Midwest Living, for the period of approximately August 1, 2012 to July 31, 2015. Starting in 2013, the Travel Guide will be printed in Michigan. Meredith Corporation was selected from three proposals that were submitted in response to a Request for Proposals issued by the Michigan Strategic Fund on March 28, 2012.
Michigan Business Development Program incentive approvals –
- Barracuda Networks Inc. is a world leader in email and web security appliances as well as IM protection, application server load balancing and message archiving appliances. Awarded a $1.2 million Michigan Business Development incentive to expand its footprint in the City of Ann Arbor, Barracuda Networks proposes to invest up to $6.2 million and create up to 184 new jobs. Ann Arbor has offered support in the form of a property tax abatement.
- Brose, a supplier of mechatronic components and electric motor drives for vehicle bodies and interiors, was approved to receive a $3.5 million Michigan Business Development Program incentive to acquire the former Chrysler Mopar site on Bell Road in New Boston. Brose proposes to invest up to $60 million, creating 450 new jobs at the new facility as well as at the Auburn Hills and Warren locations. Huron Charter Township has offered support in the form of a 12 year property tax abatement to the project.
“In the last 18 months we have greatly improved Michigan’s business climate and infrastructure, making it easier for our businesses to find new paths to prosperity, and the changes are paying off,” said MEDC President and CEO Michael A. Finney. “Today’s actions further demonstrate our commitment to Michigan’s reinvention, leading to more jobs and better lives for our residents.”
The Michigan Economic Development Corporation, a public-private partnership serving as the state's marketing arm and lead agency for business, talent and jobs, focuses on helping grow Michigan's economy. For more on the MEDC and its initiatives, visit: MichiganAdvantage.org.