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Thursday, 12 July 2012 16:41

Five West Mich. projects get state incentives

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WEST MICHIGAN — Five West Michigan companies will benefit from state business and redevelopment incentives. The projects are expected to generate up to $26.3 million in investments and add 195 new jobs in Michigan.

The Michigan Strategic Fund today approved of nearly $2 million in Community Revitalization Program funds and $530,000 in Michigan Business Development incentives so that five companies can continue to grow their presence in West Michigan.

ArcticAx US, a molecular diagnostic company that commercializes genetic markers for the testing of diseases, has been awarded a $220,000 Business Development Program incentives to open a new operation in Grand Rapids.

The incentive allows ArcticAx to proceed with the build-out of a new bio-life science startup lab in American Seating Park. Build-out of a 7,500-square-foot to 10,000-square-foot laboratory is set to begin immediately with patient testing scheduled to begin late 2012. The new laboratory will create 28 total jobs over a three-year period. Most jobs will be advanced technical and managerial positions.

“Establishing our own laboratory is the next critical phase of Arctic’s growth,” Jim Pelot, ArcticAx COO and CFO, said in a statement. “With Michigan’s incentives and the work the MEDC and The Right Place did to provide our company with this opportunity, it was easy to bring our business to West Michigan.”

ArcticAx is investing nearly $1.9 million to expand into Michigan.

Quality Edge Inc. is set to expand its Walker operations and produce a new metal roofing product line that will be launching nationwide in the spring of 2013. The expansion will create 25 jobs at start-up and 78 total jobs over a three-year period, according to the MEDC.

Quality Edge currently occupies 240,000 square feet of manufacturing space at its facility in Walker and will break ground on an additional 80,000 square feet this summer to make room for their new equipment and employees.

City officials in Grand Rapids are considering a tax abatement support for ArcticAx. The city of Walker has offered a $149,000 12-year tax abatement in support of the Quality Edge project.

Blue Star 2 LLC part of Prairie Real Estate Group, a commercial real estate development and management company received a $595,000 Community Revitalization Program performance-based grant to completely renovate and lease the building located at 376 Main Street in downtown Benton Harbor. The finished space will include commercial and/or retail space and loft-style apartments. The project is expected to create approximately 20 permanent full-time jobs, with a total capital investment of up to $2.4 million.

Ionia Ventures LLC, under the direction of 616 Development, a real estate firm focusing on revitalizing unused spaces in downtown Grand Rapids, received a $361,500 Community Revitalization Program performance-based grant to rehabilitate two buildings in downtown Grand Rapids. The project will transform the properties into one mixed-use building that will include a restaurant on the first floor, office space on the second floor and apartments on the top three floors. The project is expected to create 35 permanent full time jobs, and a capital investment of more than $6 million.

Arcadia Brewing Company, a microbrewery, winemaker and restaurant, with the help of Enmar LLC, a real estate holding company, plans to redevelop and locate into a new 30,000-square-foot pub, production facility, brew house and eatery on 2.6 acres of riverfront property in Kalamazoo. Arcadia Brewing Company received a $575,000 Community Revitalization Program performance-based grant based on capital investment of up to $2.3 million. Enmar LLC received a $425,000 Community Revitalization Program performance-based grant based on capital investment of up to $3.2 million. The project is expected to create 42 permanent jobs. Kalamazoo is offering financial and infrastructure support to the project.

“These five companies are demonstrating that Michigan can compete with any state in the country as a great place to grow a business,”  Michael A. Finney, MEDC President and CEO, said in a statement. “These projects will strengthen and further revitalize the West Michigan region and help growing companies in a variety of industries generate new job opportunities.”

Read 3429 times Last modified on Saturday, 28 July 2012 14:52

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