Tuesday, April 18, 2006
Michael Shore, MEDC
Alma Iron & Metal to Invest $2.2 Million in Move to New Facility
Almawill work with Alma Iron & Metal to relocate its current facility from the downtown waterfront to an established industrial development district using brownfield tax incentives approved by the Michigan Economic Development Corporation.The project is expected to involve more than $2.2 million in private investment and create up to four new jobs.
Alma Iron & Metal will utilize state and local tax increment financing valued at $550,470 and invest more than $2.2 million to move its scrap metal recycling facility from the 10-acre contaminated waterfront site to an established industrial development district located at 1430 Williams Street. A portion of the tax abatement will be used to help clean up the former site and prepare it for redevelopment.
The Governor announced four company expansions today in addition to the Alma brownfield redevelopment which are expected to create and retain more than 14,297 Michigan jobs.
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