I would put the ingenuity and work ethic of the West Michigan work force up against any community in our country! Because we are committed to innovation, we are committed to Michigan.
Grand Rapids, Michigan (PRWEB) July 12, 2012
The Right Place, Inc., in collaboration with The Michigan Economic Development Corporation (MEDC), announced today the approval of $550,000 in Michigan Business Development Program incentives from the Michigan Strategic Fund that will enable two West Michigan’s employers to move forward on $12.4 million in local expansions that will generate 106 new jobs for the area over the next three years.
ArcticAx US Ltd
$220,000 incentive from the MEDC for $1.9m new site in Grand Rapids; 28 new local jobs projected over three years
The incentive will allow ArcticAx to proceed with the build-out of a new bio-life science startup lab at American Seating Park in Grand Rapids. The laboratory will perform the Company’s currently available as well as future tests. Notably, ArcticAx holds exclusive intellectual property in the area of macular degeneration; either total or partial blindness that will affect approximately 10 percent of all people in the United States. Build-out of a 7,500-10,000 square foot laboratory is set to begin immediately with patient testing scheduled to begin late 2012.
The new laboratory will create 28 total jobs over a three-year period. Most jobs will be advanced technical and managerial positions.
ArcticAx is investing nearly $1.9 million to expand into Michigan, which was chosen over the State of New York; based on its talented pool of technology work force, world renowned universities graduating the next generation of tech talent, and Grand Rapid’s excellent infrastructure.
The incentive played a key role for ArcticAx to select Michigan over sites in any other state.
“Establishing our own laboratory is the next critical phase of Arctic’s growth,” said ArcticAx COO and CFO, Jim Pelot. “With Michigan’s incentives and the work the MEDC and The Right Place did to provide our company with this opportunity, it was easy to bring our business to West Michigan.”
“ArcticAx and their investment is very encouraging to The Right Place, and to the region as well, as this announcement demonstrates that the life science industry is strong and growing in West Michigan. We are pleased to see 28 new tech and professionally skilled positions open in the region,” said Susan Jackson, Senior Business Development Manager, The Right Place, Inc.
The City of Grand Rapids is expected to offer supporting local tax abatements for ArcticAx US.
Quality Edge, Inc.
$310,000 incentive from the MEDC for $10.5m local expansion; 78 new local jobs projected over three years
The incentive will allow Quality Edge, Inc. to expand its Walker operations and produce a new metal roofing product line that is set to launch nationwide in the spring of 2013.
“We are an innovative manufacturer of residential building products and we happen to be very bullish about the future of the residential housing market. That’s why we are continuing to invest in new and innovative products and the infrastructure to support them and I can’t think of a better place to do it than in Western Michigan,” said Scott Rasmussen, President, Quality Edge.
The product is currently in the final stages of development and will require substantial capital investment in 2012 to be ready for sale by Spring 2013.
The expansion will create 25 jobs at start-up and 78 total jobs over a three-year period. Quality Edge currently occupies 240,000 square feet of manufacturing space at its facility in Walker and will be breaking ground on an additional 80,000 this summer to make room for their new equipment and employees. The company plans to add a variety of jobs for this project including: technical, craftsman, managerial, professional, and multiple machine operator positions.
“We have an extraordinary workforce here in West Michigan and we have been fortunate to be able to attract some its best people to Quality Edge. I would put the ingenuity and work ethic of the West Michigan work force up against any community in our country! Because we are committed to innovation, we are committed to Michigan,” said Scott Rasmussen.
“The Right Place is pleased to see Quality Edge expand its exterior building products business in Walker,” said Jackson. “Our region’s skilled labor force and transportation infrastructure make West Michigan very competitive for this type of work.”
The City of Walker is expected to offer supporting local tax abatements for Quality Edge, Inc.
Michigan Business Development Program
Signed into law by Governor Rick 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 Gov. Snyder in May 2011.
With this latest economic development project, The Right Place, working with its local and state partners, has generated $130,700,000 in capital investment and assisted in the retention and creation of 927 jobs in West Michigan in 2012.
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About The Right Place, Inc.
Contact: Tim Mroz, (616) 881-1038 or mrozt(at)rightplace(dot)org
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.