Displaying items by tag: MnoBmadsen
KALAMAZOO — Even as construction and development projects came to a halt for several weeks as states and the nation reacted to the spread of COVID-19, Seven Generations Architecture & Engineering LLC has remained busy.
In his previous role as chairman of Mno-Bmadsen, the non-gaming economic development and investment arm of the Pokagon Band of Potawatomi Indians, Eugene Magnuson was able to help out the tribe of which he and his mother are citizens. In his new position as CEO of Little River Holdings in Manistee, Magnuson gets to leverage that experience in helping advance the economic security of his father’s tribe, the Little River Band of Ottawa Indians. He spoke with MiBiz about his long-term vision for Little River Holdings and the group’s growth strategy.
Native American tribes that want to participate in Michigan’s fledgling cannabis industry face many bureaucratic hurdles.
Dowagiac-based Mno-Bmadsen, the non-gaming investment arm of the Pokagon Band of Potawatomi Indians, takes a familiar portfolio-based approach to its economic development enterprise. But rather than drive overall top-line revenue for its family of companies, Mno-Bmadsen is focusing on growing the combined earnings before interest, taxes, depreciation and amortization (EBITDA) of its holdings.
DOWAGIAC — The non-gaming arm of the Pokagon Band of Potawatomi Indians had acquired a majority stake in Enmark Tool & Gage Co., a Southeast Michigan precision machining company. The tribe’s Mno-Bmadsen business investment arm closed on the deal on Feb. 1, according to a statement.
A tribal-owned architecture and engineering firm in Southwest Michigan plans to relocate its headquarters to a new Kalamazoo commercial development.
Because Native American tribes are sovereign nations, they’re tax-exempt and have their own statutes and regulations, although they must follow federal law. Tribally owned firms also are exempt from state and federal income taxes.
Across West Michigan, Native American tribes have started to hang out their own shingle in enterprises that move them away from the familiar tribal-owned casino.