Grand Rapids, MI (PRWEB) March 28, 2012
The Right Place, in collaboration with The Michigan Economic Development Corporation (MEDC) and Cascade Charter Township, announced today the approval of a $350,000 Michigan Business Development Program incentive from the Michigan Strategic Fund (MSF) that will enable one of West Michigan’s most well-known family-owned companies to move forward on a $31.9 million expansion that could generate 120 new jobs for the area.
Lacks Enterprises - $350,000 incentive from the MEDC for $31.9m expansion; 120 new jobs projected
The incentive will allow Lacks Enterprises to proceed with the development of a new manufacturing plant and additional warehouse space in Cascade Charter Township. The plant will produce parts for the automotive and appliance industries.
Michigan was chosen over competing sites in Kentucky, South Carolina and Virginia.
“Lacks is a vitally important player in our automotive supply chain with more than 2,200 employees here and their decision to expand in Michigan says much about our improved business climate,” said MEDC President and CEO Michael A. Finney. “Our flexible incentive program, Michigan’s simplified business tax structure and our new efforts to connect employers with talented workers, are propelling us to one of the best business climates in the country.”
“The Lacks family is pleased to be able to provide additional premium employment opportunities for West Michigan residents and to continue to grow in West Michigan, as they have since 1961,” said Jim Green, Executive Director of Human Resources for Lacks Enterprises. “We were actively pursued by other states and based on the quality and caliber of the available work force in West Michigan, the business climate and cooperation from all of our business partners from the State of Michigan and The Right Place it was an easy decision to continue to grow in our own backyard.”
“When most new jobs in West Michigan are created by existing businesses, it’s that much more important to have a strong retention strategy. This announcement demonstrates the success of our business retention strategy, keeping companies like Lacks Enterprises growing in the region,” said Birgit Klohs, President and CEO, The Right Place, Inc.
Cascade Charter Township is supportive of this project and plans to approve tax abatements for Lacks.
“We commend Lacks for choosing to expand in West Michigan instead of other states that were pursuing this opportunity. The Right Place is committed to ensuring that our region’s companies continue to thrive, and through collaboration with our state and local partners like the MEDC and Cascade Charter Township, we are making it happen,” Klohs added.
Signed into law by Snyder in December, 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.
The Michigan Business Development Program replaces the state’s previous MEGA program that was a feature of the Michigan Business Tax that was eliminated under business tax restructuring legislation approved and signed into law by Snyder in May 2011.
The Michigan Economic Development Corporation, a public-private partnership serving as the state's marketing arm and lead agency for business, talent and jobs, focuses on helping grow Michigan's economy. For more on the MEDC and its initiatives, visit: MichiganAdvantage.org
About Lacks Enterprises
Lacks Enterprises is a fourth generation family owned business that employees 2300 and provides chrome plated exterior and interior parts for the Automotive and Appliance Industries. http://www.lacksenterprises.com
About The Right Place, Inc.
The Right Place, Inc. is a regional non-profit economic development organization founded in 1985 and supported through investments from the private and public sector. Its mission is to promote economic growth in the areas of quality employment, productivity and technology in West Michigan by developing jobs through leading business retention, expansion and attraction efforts. For more information visit: http://www.rightplace.org
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