Friday, May 19, 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 Centerline Die and Engineering, LLC, in Warren, Michigan. The bonds will be used for financing the acquisition of land and an existing approximately 37,000 square foot manufacturing facility, the renovation of the facility and the acquisition and installation of machinery and equipment¾ all to be located at 28661 Van Dyke Road, City of Warren, Macomb County, Michigan. The project will initially create an estimated 20 new jobs with a total of 75 jobs to be created at project completion."By working together, the Michigan Economic Development Corporation and Centerline Die and Engineering, L.L.C. are making a commitment to further fuel Michigan’s booming economy," Rothwell said. "This is excellent news for the City of Warren. The new jobs are a welcome addition to this community."The land and facility portion of the project will be owned by Kiesgen Limited Partnership, a Michigan limited partnership, and the machinery and equipment portion of the project will be owned by True Industrial Corporation, a Michigan corporation d/b/a True Industries. The entire project will be leased to Centerline Die and Engineering, LLC, a Michigan limited liability company, which manufactures tools and dies for the automotive industry. Industrial 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.