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 $2.2 million tax-exempt bond issue to help finance the expansion of Maco Steel, Incorporated in Plainfield Charter Township, Kent County, Michigan. The bonds, funded by the Michigan Renaissance Fund, will be used for financing the acquisition of land, site improvements, the construction of an approximately 33,000 square foot manufacturing facility and the acquisition and installation of machinery and equipment to be located on Graphic Drive, Plainfield Charter Township, Kent County, Michigan. The project will create an estimated two jobs initially, with a potential additional two jobs in one year. "By working together, the Michigan Jobs Commission and Maco Steel, Incorporated are making a commitment to Kent 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 Gator Financial, L.L.C. and leased to Maco Steel, Incorporated. The machinery and equipment portion of the project will be owned by Maco Steel, Incorporated, which will operate the entire project for the flame crafting, milling and blanchard grinding of plate steel, primarily for the tool, die mold and machine building industries. 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.