Wednesday, April 05, 2000
Doug Rothwell, president and CEO of the Michigan Economic Development Corporation, announced today that a $3 million tax-exempt bond has been issued to help finance the expansion of True Industries in Roseville, Michigan. The bonds will be used for financing the construction of an approximately 10,250 square foot addition to the existing manufacturing facility and the acquisition and installation of machinery and equipment to be located at 15300 Twelve Mile Road, City of Roseville, Macomb County, Michigan. The project will create an estimated 20 new jobs initially with a total of 75 new jobs at full operation. "By working together, the Michigan Economic Development Corporation and True Industries are making a commitment to further fuel Michigan’s booming economy," Rothwell said. "This is excellent news for City of Roseville. The new jobs are a welcome addition to this community."The land and facility portion of the project will be owned by Kiesgen Limited Partnership, a Michigan limited partnership, and leased to True Industrial Corporation, a Michigan corporation d/b/a True Industries. The machinery and equipment portion of the project will be owned by True Industries which manufactures metal stamping dies primarily for the automotive industry. Industrial Development Revenue Bonds (IDRBs) are issued 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.