Michigan Strategic Fund

SAULT STE. MARIE, MI--   The Michigan Strategic Fund has approved funding for the City of Sault Ste. Marie to make improvements. 

The Soo was awarded more than $4.3 million in federal Community Development Block Grant funds. The city will use the money to transform four public spaces with green areas, an interpretive pathway and way-finding signage, among other improvements.

MARQUETTE, MI--   The Michigan Strategic Fund has approved two Upper Peninsula community revitalization projects to help drive the state’s economic recovery. 

The City of Ishpeming will receive $1.8 million in Community Development Block Grant funds for the Senior Center Public Facilities project. It includes construction of a new senior center and demolition of the old one.

The Greater Ishpeming Commission on Aging and the city will provide more than

$207,000 for the project.

MARQUETTE, MI--   Community development finance institution Northern Initiatives is getting assistance from the Michigan Strategic Fund to help businesses affected by COVID-19. 

The Northern Michigan University-based group will provide up to $2 million in loans through the Michigan Economic Development Corporation's Capital Access Program. Northern Initiatives will use the funds to make micro- and small business loans to businesses, with an emphasis on women- and minority-owned businesses. The loans will range from $5,000 to $250,000.

MANISTIQUE, MI--   The Michigan Strategic Fund has approved support for the UP Paper mill in Manistique. 

The Michigan Economic Development Corporation announced this week a $1.9 million award that will enable a $4.25 million working capital line of credit from Crestmark, a division of Meta Bank.

SAULT STE. MARIE, MI--   The city of Sault Ste. Marie will make improvements to its downtown area, thanks to support from the Michigan Strategic Fund. 

The city was awarded more than $485,000 in Community Development Block Grant funds for its façade improvement project. The money will be used to rehabilitate the exterior of three historically significant buildings—the Cadillac Building and Alpha Bar on Portage Avenue and the Arfstrom Pharmacy on Ashmun Street.

MARQUETTE, MI--   The Northern Michigan University Board of Trustees has approved the final terms of an investment award agreement to expand its Educational Access Network across the U.P.

The Michigan Strategic Fund is investing $6.5 million in the project, while NMU will contribute $3.2 million in matching funds. As it recovers costs through subscriptions, Northern will return 35 percent of net proceeds to the Strategic Fund to repay the investment.

MARQUETTE, MI--   Northern Michigan University will receive a $6.5 million Investment Fund Award from the Michigan Strategic Fund to accelerate its effort to extend high-speed educational broadband throughout the Upper Peninsula. The funds will be used to build out and equip 64 cities and townships 

over a two-year period. 

LANSING, MI (AP)--   Michigan could provide up to $300 million in annual tax incentives to attract larger-scale business expansion and to foster the development of contaminated Brownfield sites under legislation approved by the state Senate. 

The chamber voted overwhelmingly Tuesday to move the bills to the House.

The job-creation incentives are backed by Gov. Rick Snyder a departure from his past skepticism of such tax breaks while lawmakers hope to make changes so he will support the Brownfield package.

FLINT, MI (AP)--   State officials are working on ways to help Flint pay for a new 5.5-mile pipeline that would allow the city to test water from a new Lake Huron system. 

The Detroit News reports Tuesday that the Department of Environmental Quality has identified $4.2 million in grants and the Michigan Strategic Fund is preparing to loan Flint $3 million.

The pipeline is required by federal regulators. It would run parallel to the Karegnondi Water Authority pipeline and is expected to cost up to $7.2 million.

LANSING, MI (AP)--   A state board has unanimously approved a $5 million grant to be dispensed over the next five years to encourage Chinese companies to invest in Michigan.  

The Michigan Strategic Fund board part of the Michigan Economic Development Corp. authorized the money on Tuesday to act as a "business gateway" between Michigan and China and help generate jobs while boosting foreign investment in the state.

The project aims to create Michigan jobs but board members weren't publicly informed of how many on Tuesday.