Check out this requirement:
"In order to be financially eligible for an ATVM loan, an applicant must be financially viable without the receipt of additional federal funding for the proposed project."
I don't see that happening. They apparently have no USA based assets or dedicated income stream beyond what Project Tim might bring.
Obviously, Durand was a rail town and now it's not. A project like this would help the local economy somewhat in the long run. The HESR and CN would also benefit to a lesser extent.
My view as a taxpayer, just give everyone in Shiawassee County $10,100 for the next 10 years. The stimulus would be quicker, cheaper and better for the environment too.
If the auto industry needs another steel supplier, there are better places to put it and established companies to build it.