The Michigan Strategic Fund has announced that it has approved the issuing of a $5.7 million performance-based loan to a Chinese company called C3 Venture Flint, LLC, which is seeking to build an auto parts manufacturing facility in Flint, Michigan.
Depending on whether the company meets some job creation milestones the loan could be converted into a grant. The company says that it expects to hire as many as 380 people for the manufacturing plant.
In total, the company is expected to invest around $9.7 million on the project. According to the Detroit News, C3 Venture Flint LLC plans to occupy 134,000 square feet in buildings on a 17-acre complex in Flint.
According to the Michigan Economic Development Corp. (MEDC), C3 Ventures has two sister companies – Ct Automotive and China Tool – both currently manufacturing in China. However, one of the company’s larger customers “wants them to bring their manufacturing operations back to the U.S.”
As a result, in addition to Michigan, the company looked at locations in Indiana and California for their on-shoring project. Indiana offered the company an incentive package that included free building space to attract the manufacturing project. California also was considered due to the state being the headquarters location of one of their key customers, rumored to be Tesla Motors.
The proposed incentive offer will help offset the increased costs of locating in Michigan, especially when compared to Indiana's incentive offers.
According to notes from the MEDC, the company is a newly formed organization formed by experienced automotive and real estate veteran with the organizational backbone of its sister companies IMS LLC, Schaffer Development LLC and CT Automotive. The company will recycle plastic into auto parts using the current contracts from IMS LLC and CT Automotive.
C3 will further incubate several other job creation business lines in the fields of clean air, water, energy and soil with a focus on recycling and up cycling of industrial materials.
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