At their final meeting of 2017, the Michigan Strategic Fund (MSF) board focused on continued economic progress into the new year by approving projects that will generate a total capital investment of $982.4 million and create 241 jobs.
“Today’s actions by the Michigan Strategic Fund will mean more jobs and greater economic opportunities for Michiganders,” said Gov. Rick Snyder. “Haval Motor Technology’s decision to expand its U.S. presence into Michigan further demonstrates our global leadership in the evolution of automotive technologies. I look forward to working with the company as it grows and creates jobs in the state.”
A subsidiary of Greater Wall Motor Company Limited, China’s largest manufacturer of SUVs, American Haval Motor Technology LCC plans to establish an R & D center in Farmington Hills, Mich. — investing $3.5 million and creating 150 jobs.
A second project involves Indeck Niles LCC that is redeveloping a contaminated property in the city of Niles, Mich. and constructing the Indeck Niles Energy Center: a next-generation energy center fueled by clean natural gas. The project is expected to generate a total capital investment of $967 million and create 21 full-time equivalent jobs.
The MSF also approved the Original and Only Thompson Block LLC and 3mission Redevelopment Corporation’s plan to redevelop three parcels of property in Ypsilanti’s Depot Town, which is expected to generate a total capital investment of $11.8 million and create 70 full-time equivalent jobs. This will result in a $3.175 million Michigan Community Revitalization Program. The board also approved several other projects.
“The Michigan Strategic Fund continues to help fuel new economic activity that strengthens our communities while creating good jobs for our residents,” said Jeff Mason, CEO of the Michigan Economic Development Corporation (MEDC). MEDC is the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the MSF.