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Multiple Projects Receive Strategic Fund Approval

Saturday, March 3, 2018   (0 Comments)
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Several projects with a capital investment of $154 million recently received Michigan Strategic Fund approval, according to the Michigan Economic Development Corp. (MEDC).

A notable project that will be funded is for Greenville Venture Partners, a subsidiary of Foremost Farms USA Cooperative, which is currently planning a 55,000-square-foot dairy processing facility in Greenville. It would process the state’s surplus milk supply.

The fund approved a private activity bond inducement valued at up to $12 million. Greenville Venture Partners will also receive a $500,000 grant from the Michigan Department of Agriculture and Rural Development’s Food and Agriculture Investment Fund, and $2.33 million, 12-year property tax abatement from Greenville.

Another project of note includes Antolin Shelby, a subsidiary of global auto components manufacturer Grupo Antolin, which is planning to expand its Shelby Township facility. It was awarded a $3.6 million MBDP grant in February 2017 to lease a build-to-suit facility. This week, the fund approved an amendment to the performance-based grant.

The amendment was required because the company needs to increase production to meet Dodge truck program demand.

“Foremost Farms’ new milk processing plant in Greenville will elevate the profile and profitability of our state’s dairy industry while Antolin Shelby’s additional investment and jobs underscore the strength of Michigan’s automotive industry talent,” Jeff Mason, CEO of MEDC, said.

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