Friday, May 25, 2007
Governor Jennifer M. Granholm and Michigan Economic Development Corporation President and CEO James C. Epolito announced today that a total of $10 million in bond financing has been approved to support plant expansions in Walker and Warren through the Private Activity Bond Program.
The bonds, issued by the Michigan Strategic Fund chaired by Epolito, will support the following expansion projects:
- Custom Profile Inc. and Nicholas Real Estate LLCwill use a $6.5 million allocation to acquire land and a 124,700-square-foot manufacturing plant, rehabilitate and renovate the facility and install machinery and equipment at 2535 Waldorf Court N.W. in Walker, Kent County. The land and building will be owned by Nicholas Real Estate, with the machinery and equipment owned by Custom Profile. Custom Profile manufactures plastic extrusions used primarily in the office furniture, appliance and marine industries.
- A $3.5 million allocation has been approved to help finance the expansion of Gentz Aerospace Production LLC. The bonds will be used to finance the acquisition and installation of machinery and equipment at 25250 Easy Street in Warren. The company manufactures intricate, high-precision/high-tolerance engine components and fabrications for power generation, prop and jet aircraft and helicopters serving the aerospace industry, and provides overhaul, repair and performance upgrade services for complex gas turbine engine components and assemblies.
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.
Custom Profile contact:
Gentz Industries contact
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