Two companies will be expanding and adding jobs in Detroit with support from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today. The expansions are expected to generate up to $22.1 million in new capital investment and bring 229 new jobs.
“The commitment of these companies to grow and create good-paying jobs in Detroit further demonstrates to the world that Detroit is open for business,” said MEDC president and CEO Michael A. Finney. “These companies deserve our congratulations on their expansions and our appreciation for their continued commitment to Detroit and to Michigan.”
The Michigan Strategic Fund approved incentives for the following projects:
Futuramic Tool & Engineering Company, founded in 1955, is a worldwide manufacturing and tooling parts supplier originally servicing the automotive community and later transitioning into the aircraft, aerospace and defense industries. Due to increased demand from its customers, the company has outgrown its current Warren and Southfield campuses and is looking to expand at the former Tower Automotive facility in the City of Detroit. The project, with a total capital investment of $20 million, is expected to create 103 new jobs with an average wage of $60,000 per year. As a result, the project has been awarded a $600,000 Michigan Business Development Program performance-based grant. The City of Detroit is offering support to the project in the form of a property tax abatement. For information on employment with Futuramic, visit https://futuramic.com/apply-for-employment/.
“Futuramic is experiencing tremendous growth, and we are proud to be able to stay and expand our manufacturing base in Michigan,” said Futuramic Tool & Engineering Vice President John Couch. “I want to thank the Michigan Economic Development Corp., the Michigan Strategic Fund and the Detroit Economic Growth Corporation for their support of our project. We are excited about the new jobs being created by this expansion and are very much looking forward to the positive impact this will have on our Michigan economy.”
“Futuramic’s investment speaks to Detroit’s rich manufacturing history,” said Detroit Economic Growth Corporation Business Attraction Manager Tracie Tillinger. “We appreciate the state’s support and will continue to assist Futuramic as their operations ramp up.”
Urban Science Applications, Inc., headquartered in the City of Detroit, is a global business-solutions company focused on supporting the needs of the sales and marketing functions of various industries including automotive. Urban Science Applications plans to expand its software consulting and engineering and services operations in Detroit and an additional location in Michigan to be determined. This project will create 126 jobs and generate a total capital investment of $2.1 million. As a result, the company has been awarded a $700,000 Michigan Business Development Program performance-based grant and the City of Detroit has offered property tax abatement valued at $97,000. Michigan was chosen over competing sites in Mexico, Germany, Virginia and California. For employment information, visit https://www.urbanscience.com/careers.
The Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The MSF will consider a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.
About Post Author
