Monday, November 27, 2006
Michigan Economic Development Corporation President and CEO James C. Epolito today announced state assistance for the expansion of Skill-Craft Co. in Ira Township, St. Clair County, a Michigan corporation engaged in the manufacture of machine tools. The MEDC approved $1,180,000 from the Private Activity Bond Program to help the company grow.
"This investment by the state in Skill-Craft's expansion gives a boost to the local economy and its workforce," Epolito said. "Jobs and revenue created by this project will strengthen the county's industrial base and help attract further business investment to the community."
The bonds, issued by the Michigan Strategic Fund chaired by Epolito, will be used to finance the acquisition of land and a 12,000-square-foot new manufacturing facility at 10125 Radiance Drive, to be owned by D & J Land Co. LLC and leased to Skill-craft, as well as machinery and equipment which will be owned by the machine tool maker.
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. Please follow this link for more information about private activity bonds issued under the Industrial Development Revenue Bond program.
Company Contact: Jim Thurman, (586) 949-1100
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