Wednesday, August 14, 2013
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a $1 million Michigan Business Development Program incentive for Coyote Logistics to establish a new location in Ann Arbor, a project that will generate approximately $1.2 million in new private investment and add up to 125 new jobs.
“Coyote Logistics is a national leader in logistics and transportation services, and its investment means Michigan residents will get good jobs that could have gone to other states,” said Gov. Rick Snyder. “Michigan is America’s comeback state and this expansion is another demonstration that Michigan is paving the way to more jobs and greater prosperity.”
Coyote Logistics, LLC, based in Chicago, provides North American shippers with full-scale, third party logistics and transportation services. The company has experienced rapid growth and plans to expand into office space in the City of Ann Arbor. Coyote will add 125 new jobs and invest $1.2 million for the expansion, resulting in a $1 million Michigan Business Development Program incentive. Michigan was chosen over competing sites in Texas, California and Colorado. The City of Ann Arbor and Ann Arbor SPARK will offer financial support to assist with recruitment efforts.
“Coyote Logistics is the latest example of a company attracted to the Ann Arbor region because of the talent that’s here, and another CEO choosing to expand into the city they fell in love with while in college,” said Paul Krutko, Ann Arbor SPARK’s president and CEO. “Since the beginning of 2013, Ann Arbor SPARK has assisted with 26 company projects in the region that will create $92.9 million in investment and 714 jobs. Ann Arbor is a destination for tech companies thanks to its concentration of smart workers and smart companies as well as the great lifestyle offered by our region. The 125 high tech jobs that Coyote Logistics will create in Ann Arbor is part of the virtuous cycle that continues to feed our economic success.”
The Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The MSF will consider a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.
Pure Michigan is a brand on the rise, representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead agency for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.
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