ESCANABA, MI— The Michigan Strategic Fund has approved funding for two U.P. projects designed to retain jobs and generate investment.
Paper producer Billerud acquired Verso’s operations in Escanaba and Quinnesec this year. Billerud is analyzing whether to invest $1 billion to transform its Escanaba operations to produce a more technologically advanced product known as paperboard or cartonboard. The multi-ply product is used as packaging for pharma and healthcare, cosmetics, drinks and others.
The MSF has approved a 15-year Forest Products Processing Renaissance Zone estimated to be worth $29.4 million. It’s hoping to lure Billerud over a competing site in Wisconsin.
In addition, Delta County, Escanaba Township and Wells Township anticipate authorization of a 15-year Renaissance Zone, along with approval of a 50-percent property tax abatement in support of the project.
And the MSF has approved a $3 million performance-based grant to develop a Shop House Park Technology and Innovation Hub in Marquette. The outdoor recreation and product innovation space will be situated between NMU and Lake Superior. The project will include live-work-innovate space that will foster collaboration to grow the outdoor recreation and mobility industries.
