Friday, March 16, 2007
$9.5 Million in Tax Exempt Bonds Approved for Two Company Expansions
Governor Jennifer M. Granholm and Michigan Economic Development Corporation President and CEO James C. Epolito announced today that $9.5 million has been approved to help finance business expansions in Tuscola and Wayne counties through the Private Activity Bond Program.
The bonds, issued by the Michigan Strategic Fund chaired by Epolito, will support the following expansion projects:
- Millennium Steering LLCwill use allocations totaling $8 million for the renovation of a 118,000-square-foot manufacturing plant owned by an affiliate, and the acquisition and installation of machinery, equipment, furniture and fixtures to be located at 6285 Garfield Avenue, Cass City. The project will be owned and operated by Millennium for the design, development and manufacture of engine compartment products for autos and light trucks including power steering reservoirs, oil return lines and rack tubes.
- A $1.5 million allocation has been approved to help finance expansion of The Envelope Printery, a supplier of envelopes and letterhead stationery. The bonds will be used to finance the acquisition of land and acquisition and rehabilitation of a 73,000-square-foot manufacturing facility at 8979 Samuel Barton Drive, Van Buren Township. The real property portion of the project will be owned by Samuel Barton Investors LLC and leased to the Printery.
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.
Millennium Industries contact:The Envelope Printery contact:
Gary VollmarKirk Clemence
(989) 872-8823(734) 946-8585 x234
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