MSF Approves $367M In Assistance For 6 Business Projects; Whitmer Announces $330M
October 29, 2024
Several housing projects and bonding issues were approved to the tune of $366.8 million on Tuesday during the Michigan Strategic Fund (MSF) board meeting, and Gov. Gretchen Whitmer announced another $330 million in federal and state assistance.
The projects would include 450 new housing units, two bonding issues that would help the natural gas industry in Michigan, a venture capital partner, the semiconductor industry, and grants for city infrastructure.
“Our comprehensive economic development strategy is all about making Michigan the best place to live, work, and invest. Together, we are converting underutilized property into productive space and making our neighborhoods more attractive for families and small business owners, too,” Whitmer said.
The first project signed off on during the MSF meeting were separate votes for a $1.5 million Michigan Community Revitalization performance-based loan, a $8.5 million loan, and an $8.7 million Brownfield plan for Fisher 21 Lofts, LLC, and the Detroit Brownfield Redevelopment Authority.
The funding was expected to be used to refurbish the Fisher Body Plant in Detroit into a mixed-use development with 433 housing units, 26,700 square feet for retail, and 17,685 square feet for working space.
Fisher Lofts 21, LLC, Developers Gregory Jackson and Richard Hosey said the project was about restoring the future of Detroit.
Sen. Stephanie Chang (D-Detroit) and Rep. Mike McFall (D-Hazel Park) said they are glad to see the historic autobody manufacturing facility being developed.
“The Fisher Body Plant is an iconic piece of Detroit history,” McFall said.
The MSF also approved a Community Revitalization Program loan worth between $1.56 million to $1.81 million to 3131 Biddle, LLC, which is expected to convert the former Wyandotte City Hall into a 30-unit space with a first-floor retail shop or a restaurant.
The city hall moved to a different location in 2013.
Augment Michigan Opportunity Fund IV- MI, LP, saw $11 million from the Michigan State Small Business Credit Initiative 2.0 Venture Capital Program to help the venture capital firm lift startups across the state.
“Many of Augment’s most successful companies have roots here, and this partnership reinforces our commitment to fostering innovation and creating opportunities in Michigan,” Augment Ventures Founder Sonali Vijayavargia said.
Chevron got the go-ahead to issue $100 million in private activity bonds for the oil company to create a facility that would turn dairy cow waste into natural gas to be used for transportation and energy.
The company was expecting to build the facilities in Greenville, Hartford, Morenci, Orleans, and Coopersville.
BerQ US Investments, LLC, had similar plans for biofuel waste facilities in Freeport, Fennville, Hopkins, Elsie, Kalamazoo, and Farwell. The company was looking for a $235 million private bond authorization.
Kraft Avenue Properties, LLC, was looking for approval of a $9 million private activity bond to build a factory that would be leased to build heating and cooling equipment in Cascade Charter Township.
The project was expected to bring 100 jobs to the area.
More Money from the State, Federal Governments
Whitmer announced that $6.5 million would be given to 27 municipalities and eight agencies as part of the Michigan Department of Transportation’s Shared Streets and Spaces Grant, which is done in partnership with the Office of Future Mobility and Electrification.
There were 26 areas that got the top award of $200,000, while the lowest award of $35,000 went to Zeeland in Ottawa County.
The grants were part of the fiscal year 2024 and fiscal year 2025 budgets to make communities more walkable and bikeable.
There were 69 applications to the program seeking $12.8 million.
Michigan-based Hemlock Semiconductor got $325 million in direct funding from the federal government through the CHIPS and Science Act to help build a new facility.
“Today, cutting-edge Michigan company Hemlock Semiconductor secured a proposed $325 million investment from the Biden-Harris administration to create 180 good-paying jobs and build a new facility to help make polysilicon, a critical material that’s found in nearly every electronic device in the world,” Whitmer said.
Article courtesy MIRS News for SBAM’s Lansing Watchdog newsletter
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