Three companies receive $2.9 million in Michigan business incentives to add 240 jobs
Posted by Amy Clickner on October 25, 2012
Three companies receive $2.9 million in Michigan business incentives to add 240 jobs
LANSING, MI — The Michigan Economic Development Corp. announced nearly $2.9 million in incentives for three companies that plan to create about 240 jobs in Michigan.
The incentives are part of the MEDC’s Michigan Business Development Program that gives grants, loans and other economic assistance to companies that make investments or create jobs in Michigan. The program replaced the Michigan Economic Growth Authority, or MEGA tax credit program that was eliminated along with the Michigan Business Tax.
The largest amount of $2 million was awarded to Michigan Renewable Carbon, a subsidiary of Minnesota-based Biogenic Reagents LLC. The company plans to invest $16 million to convert an abandoned facility in Marquette County’s Forsyth Township into a manufacturing site for its carbonized biomass products that are used in metals and energy production. It expects to create 27 jobs in the next three years.
The incentive is in the form of a performance-based grant that will be repaid through a revenue participation agreement with the state. The company will repay 112 percent of the grant if paid by the fifth year, or 126 percent if paid by the 10th year of the agreement.
The company also will receive about $1.7 million in tax breaks through a Renaissance Zone.
The Martin-Brower Company LLC plans to spend $16.3 million to expand a restaurant supply facility in St. Johns, located in Clinton County. The Illinois-based firm recently acquired the assets of M&M Restaurant Supply in St. Johns, where it plans to create 150 new jobs. The company was approved for a $500,000 performance-based grant from the state.
Monadnock Non-Wovens LLC was approved for a $360,000 performance-based grant to open a new facility in Branch County’s Coldwater. The Pennsylvania-based company manufactures synthetic materials for several consumer and industrial uses, including air filters, face masks and vacuum bags. It plans to invest $4.5 million and create 60 new jobs. The city of Coldwater offered a six-year property tax abatement worth $188,000.
Email Melissa Anders at manders@mlive.com. Follow her on Twitter:@MelissaDAnders.
