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 $5 million tax-exempt bond issue to help finance the expansion of Non-Ferrous Cast Alloys, Inc. in Norton Shores, Michigan. The bonds, funded by the Michigan Renaissance Fund, will be used for financing the acquisition of land, the construction of an approximately 46,000 square foot manufacturing facility and the acquisition and installation of machinery and equipment all to be located on Gateway Boulevard, Norton Industrial Center, Norton Shores, Michigan. The project will create an estimated five new jobs initially with an additional seven jobs to be created at full operation. "By working together, the Michigan Jobs Commission and Non-Ferrous Cast-Alloys, Inc. are making a commitment to Muskegon County," said Rothwell. "The new jobs and revenue created by this project mean that the area will continue to grow stronger." The land and facility portion of the project will be owned by Boersema Real Estate, L.L.C. and leased to Non-Ferrous Cast Alloys, Inc. The machinery and equipment portion of the project will be owned by Non-Ferrous Cast Alloys, Inc. which will operate the entire project for manufacturing aluminum, bronze and brass castings. 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.