Friday, June 02, 2000
Doug Rothwell, president and CEO of the Michigan Economic Development Corporation, announced today that a $4.9 million tax-exempt bond has been issued to help finance the expansion of Kreher Wire Processing, Inc., in Romulus, Michigan. The bonds will be used for financing the acquisition of land and an existing approximately 39,000 square foot manufacturing facility and the machinery and equipment, the renovation of the manufacturing facility, as well as the renovation of the existing machinery and equipment ¾ all to be located at 34822 Goddard Road, City of Romulus, Wayne County, Michigan. The project will create an estimated 25 new jobs. "By working together, the Michigan Economic Development Corporation and Kreher Wire Processing, Inc. are making a commitment to further fuel Michigan’s booming economy," Rothwell said. "This is excellent news for the City of Romulus. The new jobs are a welcome addition to this community."The project will be owned and operated by Kreher Wire Processing, Inc., a Delaware corporation, in manufacturing/processing industrial component parts, primarily for the automotive and durable goods industries. 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.