Thursday, August 10, 2006
Governor Jennifer M. Granholm and Michigan Economic Development Corporation (MEDC) President and CEO James C. Epolito today announced state assistance to help finance the expansion of Erin Flint Properties located in Flint. The operation will be used to manufacture corrugated shipping and storage containers and wooden pallets for various industries. The MEDC approved $4.2 million in bonds from the Private Activity Bond Program to help the company grow.
The bonds, issued by the Michigan Strategic Fund chaired by Epolito, will be used to finance the acquisition of land, the acquisition and rehabilitation of an approximately 222,300-square-foot manufacturing facility and the acquisition and installation of machinery, equipment, furnishings and fixtures, all to be located at 3367 Corunna Road, Flint. The project will be owned by Erin Flint Properties LLC, a Michigan limited liability company with a portion leased to Security Packaging Inc., a Michigan corporation, and a portion leased to International Paper Company, a New York corporation.
Private activity bonds are issued to finance projects for manufacturers and certain nonprofit corporations. The MSF acts as an intermediary between a borrowing company and lending party to lessen the cost of borrowing because the interest paid to the bond buyer is exempt from federal, state and local taxes.
The Michigan Economic Development Corporation, 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 about the MEDC, please visit the Web site atwww.michigan.org.
Erin Flint Properties contact:
Christine Scheer, President