Posted on 04/13/2017 1:56:00 PM PDT by 2ndDivisionVet
Two metro Detroit companies are planning expansions that would generate a collective $7.3 million in private investment and create a total of 105 jobs, according to a news release from the Michigan Economic Development Corp.
DiverseNote LLC, a social technology enterprise based in Ypsilanti, is planning to lease and improve space in Detroit's New Center area, investing $2.7 million and creating 60 jobs in the advanced computing sector. It chose Detroit over a competing site in Austin, Texas, the MEDC said in the release.
Meanwhile, Sterling Heights-based Universal Tool Equipment and Controls Inc. plans to lease an additional facility in Sterling Heights, investing $4.6 million and creating 45 jobs. UTEC chose to remain in Sterling Heights over a competing site in South Carolina. The city of Sterling Heights has offered marketing assistance in support of the project.
Each company is receiving support from the Michigan Strategic Fund. DiverseNote was awarded a $200,000 Michigan Business Development Program performance-based grant, while Universal Tool Equipment received $300,000 with the same type of grant.
In addition, the Detroit Economic Growth Corp. has offered a Creative Corridor Fund grant to DiverseNote in support of its project.
Does that seem incongruous to anyone else? 105 jobs cost THAT much money?
It’s not just people but tools, equipment, rent, computers and other means of production included in that $7.3Million figure.
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