Wednesday, May 03, 2006
Personal-Care Products Maker to Acquire, Rehab Manufacturing Plant
Michigan Economic Development Corporation President and CEO James C. Epolito announced today that through the use of the Private Activity Bond Program, a $4.3 million allocation has been approved to help finance the expansion of Surefil Properties LLC in Kentwood. The bonds, issued by the Michigan Strategic Fund (MSF), will be used for financing the acquisition of land, the acquisition and rehabilitation of an approximately 54,000-square-foot manufacturing facility, and the acquisition and installation of machinery and equipment, all to be located at 4560 and 4518 Danvers Drive SE. The project will be owned by Surefil Properties LLC, a Michigan limited liability company and leased to Surefil LLC, a Michigan limited liability company, which will use the project for the manufacturing of drugs and personal care products for other companies.
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 (MEDC), 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 at www.michigan.org.
Company contact:Mr. William Hunt
4560 Danvers Drive SE
Grand Rapids, MI49512