Wednesday, October 25, 2006
The Michigan Economic Development Corporation (MEDC) today announced that Michigan Mold Inc. in Coloma has been approved to join an existing Michigan Tool & Die Recovery Zone, which will enable the company to operate free of virtually all state and local taxes. The designation was approved today by the Michigan Strategic Fund Board.
Michigan Mold Inc., Coloma (Berrien County) will become part of the Berrien Tooling Coalition.
The zones allow companies to operate tax-free for up to 15 years, thus assisting their efforts to compete effectively in the global market. Amendments to the Michigan Renaissance Zone Act in 2004 allow existing zones to request the inclusion of additional companies.
To receive consideration for Recovery Zone designation, tool and die companies must
Sales and marketing efforts Development of standardized processes Development of tooling standards Standardized project management methods
The Tool and Die Recovery Zone program is administered by the Michigan Economic Development Corporation. The MEDC is a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on MEDC initiatives and programs, visit the Web site at www.michigan.org.
# # #