An approval of two investments will bring bring hundred of jobs to the Flint-area, as well as help make Michigan a mobility leader, according to Gov. Rick Snyder’s office.
The Michigan Strategic Fund on Tuesday approved the two significant investments. One is funding support of C3 Venture’s creation of a $9.68 million private manufacturing investment in Flint to produce interior plastic automotive components, along with injection molding and tooling, according to a release from the governor’s office.
C3 Venture chose Flint for its investment, which will include hiring of 380 workers. According to the release, C3 Venture looked at other locations in Indiana and California before selecting Flint.
“The investment approved today will bring up to 400 new jobs to Flint, in an innovative venture that turns recycling into auto parts,” Gov. Rick Snyder said in a release. “The state will continue to support the city during its water recovery, and in addition will remain involved in long-term economic development. I’m very pleased to see this manufacturing plant established within the city, and hope it is the first of many new employers to invest in Flint.”
MSF will provide a $5.7 million performance-based loan to the company, which may be converted to a grant if the company meets job-creation milestones.
A $17 million investment was also approved for the American Center for Mobility. The center was formed to help accelerate advanced mobility vehicle development safety while bringing economic opportunity to southeast Michigan, and the United States.
The investment will finalize the acquisition of land at Willow Run, assist with operations and facilitate the design and construction of phase one of a state-of-the-art global research center to develop and test automated vehicles.
The investment includes covers design and certain construction costs and operations that are part of the project’s high speed track in the first phase of development. The latest funding comes after a $1.2 million purchase agreement that was on July 5, 2016, between the Willow Run Arsenal of Democracy Landholdings Limited Partnership and Racer Properties LLC, owned by the Revitalizing Auto Communities Environmental Response Trust.
The project is a collaboration with many state and local partners including the Michigan Economic Development Corporation, the Michigan Department of Environmental Quality, and the Michigan Department of Transportation.