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Tuesday, 30 July 2013 09:04

July 30, 2013: Independent Bank to repay TARP money by fall; KVCC outlines plans for $42 million downtown campus; coLab finishes renovations

Written by  MiBiz Staff
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Independent Bank Corp. plans to repay by this fall the money it received in 2009 under the U.S. Department of Treasury’s Troubled Asset Relief Program, or TARP. The Ionia-based Independent Bank said Monday that it has an agreement to purchase $81.0 million in securities from the Treasury Department that includes 74,426 shares of preferred stock and up to 346,154 shares of common stock. The corporation also agreed to a common equity offering that provides a minimum of $86.0 million in gross cash proceeds. Independent announced the TARP repayment at it reported operating income of $6.8 million for the second quarter, which compares to $4.3 million a year earlier.

Kalamazoo Valley Community College is teaming up with Bronson Healthcare Group and Kalamazoo Community Mental Health and Substance Abuse Services to develop a $42 million downtown campus that will focus on wellness and food sustainability. The project will expand KVCC’s programs by offering training in sustainable food production, distribution and preparation. Bronson donated the 13.3 acres of land for the campus, which will include three facilities: One to house food and distribution programs; the second for nursing, allied health and culinary programs; and the third for a new psychiatric clinic for Mental Health and Substance Abuse Services. KVCC expects to begin construction next spring and open the new campus in 2015.

Grand Rapids Collaborative, referred to as coLab for short, recently finished renovations on the third floor of the Leonard building at 38 West Fulton. Formerly known as the Grand Rapids Tech Hub, coLab provides a co-working community focused on collaboration and creative business growth for local entrepreneurs. The company renovated five suites and two private conference rooms, making 15 offices and five conference rooms available in total.

The American Quilter’s Society, headquartered in Paducah, KY, will bring AQS QuiltWeek to Grand Rapids on August 14 through 17. More than 21,000 visitors will converge on the downtown area to view some the best in international quilt and textile artistry. According to a release by AQS, more than 750 quilts will be on display, along with the largest quilter’s merchant mall in Michigan.

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