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Velocity incubator touts $600K in grants and $19.2M attracted in 2024 as Lakeside Town Center development advances
Summary
Sterling Heights economic development and the Velocity incubator presented results and programs aimed at keeping technology and manufacturing growth local, including $600,000 in direct grants administered by Velocity in 2024 and a proposed economic development specialist funded largely by LDFA/CIA tax capture.
Sterling Heights’ economic development team and the city’s Velocity incubator presented progress and initiatives aimed at business retention, attraction and entrepreneurship as part of the FY26 budget workshop. The presentation emphasized the city’s engineering and manufacturing workforce strengths and described programs to support startup and second‑stage companies.
Why it matters: the city faces strong demand for industrial and manufacturing space and seeks to keep growing companies local through targeted programs and incentives. Velocity and the economic development office said their work supports local jobs, supplier networks and long‑term redevelopment goals such as the Lakeside Town Center.
Key points from the presentation - Workforce and defense corridor: Economic Development Advisor Luke Bonner described Sterling Heights as having a high concentration of…
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