Aided by a state tax credit, auto supplier Systrand Manufacturing Corp. plans to spend $19.2 million to expand in Brownstown Township and Rockwood, retaining up to 162 jobs, state officials announced Tuesday.
The project was one of several that went before the board of the Michigan Economic Growth Authorityon Tuesday, and it was awarded a $715,615 MEGA program tax credit.
The city of Rockwood anticipates considering a property tax abatement with an expected value of up to $340,000 in support of the project, according to a MEGA board briefing memo.
Other Southeast Michigan projects awarded assistance by the MEGA board include:
• Plans by Magna Steyr LLC to invest about $765,000 to expand its engineering and design services operations in Troy.
The company, an operating unit of global automotive supplier Magna International Inc., plans to add up to 200 jobs over the next five years, with 158 jobs projected in the first year as a result of the project, according to a MEGA board briefing memo.
The company was awarded a $1.5 million tax credit. In addition, the city of Troy plans to approve a property tax abatement valued at $14,000 in support of the project, the memo said.
• A $10 million redevelopment of a shopping center straddling Allen Park and Lincoln Park.
The shopping center contains approximately 90,000 square feet of vacant retail and office space in Allen Park at a former Farmer Jack site, while the Lincoln Park property has about 210,000 square feet of partially filled retail outlets, a MEGA board briefing memo said.
The redevelopment would create about 200 jobs.
The MEGA board approved a plan to capture $3.8 million in local and school taxes to support the project’s brownfield redevelopment activities, including demolition.
By Amy Lane, Crain’s Detroit