Friday, March 31, 2006
Ilmor Engineering and Skyway Precision Making New Investments
Michigan Economic Development Corporation President and CEO James C. Epolito today announced that through the use of the Private Activity Bond Program, allocations have been approved to help finance the expansions of Ilmor Engineering Inc. of Plymouth Charter Township and Skyway Precision Inc. in Livonia.
The bonds, issued by the Michigan Strategic Fund, will support the following expansion projects:
- Skyway will use $6,750,000 in bond proceeds to finance the acquisition and rehabilitation of an approximately 75,000-square-foot manufacturing facility and the acquisition and installation of machinery and equipment for that facility, all to be located at 39100 Plymouth Road. The real estate portion of the project will be owned by GBT Properties LLC, a Michigan limited liability company which is engaged solely in the business of owning and leasing real estate to Skyway Precision. The machinery and equipment portion of the project will be owned by New Opportunity Properties LLC, a Michigan limited liability company engaged solely in the business of owning and leasing machinery and equipment to Skyway.
- Ilmor Engineering Inc. will use $2,560,000 in bond proceeds to help finance the construction of an approximately 12,000-square-foot addition to an existing manufacturing facility and the acquisition and installation of machinery and equipment for that facility to be located at 43939 Plymouth Oaks Boulevard. The project will be owned and operated by Ilmor Engineering in its business of design and manufacture of automotive and marine racing engines.
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.
Mr. William Mitchell
GBT Properties LLC
Ms. Julie Bernard, Vice President
43939 Plymouth Oaks Boulevard
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