MARSHALL, Mich. (WOOD) — The Michigan Economic Development Corp. Michigan Strategic Fund board approved grants Tuesday for a number of Southwest Michigan projects, including finalizing one for the Marshall megasite where Ford Motor Co. will build a battery plant.

The MSF approved a $120.3 million strategic site readiness grant to help pay to buy land and prepare the site where Ford will build its BlueOval Battery Park. The grant is going to the Marshall Area Economic Development Alliance, which is working on the project.

“This opportunity is absolutely transformational,” Richard Lindsey, MAEDA board member, said. “It’s going to be a huge increase in the jobs, it’s going to be a huge increase in the tax base. Opportunities for schools, for businesses. Basically everybody across the board is going to be assisted. As they say, ‘Rising tide raises all ships.’ This is very much going to be a rising tide that going to affect this whole region.”

The $3.5 billion investment is expected to create 2,500 jobs in the Marshall area. The MSF had already approved hundreds of millions of dollars in grants and loans for the development.

MSF OK’d a revitalization grant of more than $1.08 million and about $160,000 in Brownfield tax captures to back the Bogan Developments mixed-use project in Kalamazoo’s Northside neighborhood. It will include 12 housing units, a child care facility and a live-to-work unit — or a housing units that is also appropriate to serve as a workspace.

Nearly $3.9 million in grants and loans will go toward rehabbing nine historic buildings in downtown Albion for housing and small businesses.