Wednesday, April 05, 2000
Doug Rothwell, president and CEO of the Michigan Economic Development Corporation, announced today that a $3 million tax-exempt bond has been issued to help finance the expansion of Biff, Inc. in Taylor, Michigan. The bonds will be used for financing the acquisition of land and an existing approximately 40,000 square foot manufacturing facility, the renovation of the facility, the construction of an approximately 2,600 square foot addition to the existing manufacturing facility and the acquisition and installation of machinery and equipment to be located at 12620 Delta Drive, City of Taylor, Wayne County, Michigan. The project will create an estimated 17 new jobs. "By working together, the Michigan Economic Development Corporation and Biff, Inc are making a commitment to further fuel Michigan’s booming economy," Rothwell said. "This is excellent news for the City of Taylor. The new jobs are a welcome addition to this community."The land and facility portion of the project will be owned by Joseph Properties, LLC, a Michigan limited liability company, and leased to Biff, Inc., a Michigan corporation. The machinery and equipment portion of the project will be owned by Biff, Inc. which manufactures chrome plated products and other metal and plastic finishing and plating primarily for the motorcycle and automotive industriesIndustrial Development Revenue Bonds (IDRBs) are issued to finance projects for manufacturers, solid waste/cogeneration companies and certain nonprofit corporations. IDRB financing lessens the cost of borrowing because the interest paid to the bond buyer is exempt from federal, state and local taxes.