Friday, April 02, 1999
Doug Rothwell, Chief Executive Officer and Department Director of the Michigan Jobs Commission, announced today that the Michigan Jobs Commission has approved a $3.26 million tax-exempt bond issue to help finance the expansion of Zatkoff Properties, Ltd. in Warren, Michigan. The bonds, funded by the Michigan Renaissance Fund, will be used for financing the acquisition of land, the construction of an approximately 52,000 square foot manufacturing facility and the acquisition and installation of machinery and equipment all to be located on Denton Drive, Warren, Michigan. The project will create an estimated 36 new jobs. "By working together, the Michigan Jobs Commission and Zatkoff Properties, Ltd. are making a commitment to Macomb County," said Rothwell. "The new jobs and revenue created by this project mean that the area will continue to grow stronger." The project will be owned by Zatkoff Properties, Ltd. And leased to Roger Zatkoff Company, a Michigan corporation, which will operate the project for the manufacture of non-metallic gaskets for sale primarily to the automotive industry. The Michigan Jobs Commission, which administers the Michigan Renaissance Fund, can issue Industrial Development Revenue Bonds (IDRBs) 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.