Three Detroit-area Companies Receive MEDC Incentives, Expected to Invest $10.8 Million in the Region
- Aug 15, 2013
The Michigan Economic Development Company (MEDC) announced last week that it has awarded $1.06 million in Business Development and Community Revitalization program incentives to three Detroit-area companies that plan to expand in Southeast Michigan.
“These new investments will further strengthen Southeast Michigan and reinforce our reputation as America’s comeback state,” said MEDC president and CEO Michael A. Finney in a press statement. The three projects span from biotechnology investment to building renovation and, according to Finney, they will create more than 180 new jobs in the area and generate up to $10.8 million in investments.
Asterand US Acquisition Inc., a Detroit-based global provider of high-quality human tissue and researcher in biotechnology, will receive a $250,000 incentive as part of the Michigan Business Development Program. Asterand plans to invest $1.7 million to renovate and remodel its biotech research unit located in Detroit’s Tech Town and add 25 new biotech-related jobs.
Another incentive recipient, also based in the Detroit area, is Unique Tool and Manufacturing Company, Inc., a tooling design and stamping company. The firm will receive a $150,000 grant that, combined with a $4.7 million investment from its own funds, will add around 60 new jobs and expand its facility in Bedford Township.
NewGAR LLC will receive the largest amount, or $660,000, in collateral support that will be used for renovations at the historic Castle Building, the former Grand Army of the Republic building located at 1942 W. Grand River in downtown Detroit. NewGAR is a private partnership between Mindfield Pictures principals David and Tom Carleton and Sean Emery, who own the 114-year-old building. Back in 2011, NewGAR purchased the vacant Castle Building from the city for $220,000 with plans to renovate the structure and use it as offices for Mindfield with leasable retail and restaurant space on the ground floor. The renovation project is expected to cost around $4.4 million and create nearly 100 new jobs.
Picture of GAR Building via City-Data Forum