Potentially ending a dispute that dates back to 2004, a Wayne County Circuit Judge has ordered the Detroit International Bridge Company to provide the Michigan Department of Transportation with $4.5 million for the completion of the Gateway Project. MDOT and DIBC signed a joint contract for the project in 2004, but the judge ordered that the government agency take over the entirety of its construction following a series of legal confrontations.
Michigan venture capital fund celebrates success
Grand Rapids based venture capital firm Start Garden recently obtained over $1 million in investments, a mark that has left founder Rick DeVos confident that the firm will complete its goal of starting 100 new Michigan businesses every year. Start Garden has provided funding to 68 start ups since the firm was formed in April 2012. DeVos explained that Start Garden seeks to invest in companies that are likely to "grow at an accelerated rate beyond the performance of services or the selling of goods."
Rock Ventures purchases prominent Detroit building
A Michigan company owned by Dan Gilbert, the founder and chairman of Quicken Loans, recently announced that it had signed a contract to purchase Detroit's One Woodward office tower. Rock Ventures, the entity responsible for overseeing Gilbert's various investments and companies, bought the property for an undisclosed amount and has planned a large-scale renovation in the hopes of housing Detroit's burgeoning technology industry.
GM to purchase foreign Ally Financial operations
Michigan based auto giant General Motors has announced its intent to purchase Ally Financial's assets in Europe, Latin America and China in effort to help strengthen its presence in markets where competing companies run their own loan operations. Ally previously provided financing to GM's customers as the General Motors Acceptance Corporation, but was taken over by the federal government in 2008 and returned to profitability in 2010.
