Thursday, November 02, 2006
$2.7 million in Tax-Exempt Bonds Issued to Wayne County Firm
Michigan Economic Development Corporation President and CEO James C. Epolito today announced state assistance for the expansion of Kreher Wire Processing Inc. in Romulus, Wayne County, a Delaware corporation providing steel processing operations including annealing, pickling, coating and wire drawing. The MEDC approved $2,695,000 from the Private Activity Bond Program to help the company grow.
The bonds, issued by the Michigan Strategic Fund chaired by Epolito, will be used to finance the addition of 17,570 square feet to the Kreher plant at 34822 Goddard Road as well as purchase and installation of machinery and equipment.
Private activity bonds are issued to finance projects for manufacturers and certain nonprofit corporations. The MSF acts as an intermediary between a borrowing company and lending party to lessen the cost of borrowing because the interest paid to the bond buyer is exempt from federal, state and local taxes.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information about the MEDC, please visit the Web site atwww.michigan.org.
Company Contact:(734) 941-9500, x417