Friday, April 27, 2007
$3.98 Million in Tax Exempt Bonds Approved for Apollo Plating, Britework Properties
Michigan Economic Development Corporation President and CEO James C. Epolito announced today that a $3.98 million allocation has been approved through the Private Activity Bond Program to help finance the expansion of Apollo Plating Inc. and Britework Properties II, LLC in Taylor.
The bonds, issued by the Michigan Strategic Fund, will be used to finance acquisition and installation of machinery and equipment and renovation of an existing manufacturing facility at 12620 Delta Drive. The machinery and equipment portion of the project will be owned by Apollo Plating, a Michigan corporation, and improvements to the manufacturing facility will be owned by Britework Properties, a Michigan limited liability company.
The project will be used in the nickel-chrome and zinc plating business of Apollo Plating, which includes nickel-chrome, chrome flash and zinc plating, buffing, polishing and PVD coating principally of body trim parts, wheel covers and caps, step bars, roof racks and structural vehicle components for Tier I and Tier II automotive suppliers.
Private activity bonds are issued to finance projects for manufacturers and certain non-profit 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.
Mr. Thomas S. Jacob, Controller
(586) 777-0070, ext. 224
# # #