Wednesday, April 05, 2000
Doug Rothwell, president and CEO of the Michigan Economic Development Corporation, announced today that a $5 million tax-exempt bond has been issued to help finance the expansion of Moeller Manufacturing Company, Inc. in Wixom, Michigan. The bonds will be used for financing the acquisition and installation of machinery and equipment to be located at 30100 Beck Road, City of Wixom, Oakland County, Michigan. The project will create an estimated 24 new jobs. "By working together, the Michigan Economic Development Corporation and Moeller Manufacturing Company, Inc are making a commitment to further fuel Michigan’s booming economy," Rothwell said. "This is excellent news for the City of Wixom. The new jobs are a welcome addition to this community."The project will be owned by MANS, a Michigan partnership, and leased to Moeller Manufacturing Company, Inc., a Michigan corporation, which manufactures precision gas turbine engine components and other power generation components, primarily for the aircraft, aerospace and power generation 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.