The Michigan Economic Development Corporation today announced that sixty-two Michigan tool and die companies have been approved to join Tool & Die Recovery Zones.Six new Tool & Die Recovery Zones are being established across the state to assist 55 companies throughout Michigan.
In addition to the 55 companies in the new zones, seven companies from Ottawa, Kent, and Berrien counties will join already existing zones.The designations were approved by the Michigan Strategic Fund Board today.
The following seven companies will join existing zones:
AIM Tool & Die, Grand Haven, (Ottawa County) will join the Tooling Advantage Group Recovery Zone.
Northwest Tool & Die Co., Walker (Kent County) will join the United Tooling Coalition Recovery Zone.
Dane Systems, LLC. Stevensville (Berrien County) will join the Berrien Tooling Coalition Recovery Zone.
Morren Mold & Machine, Allendale (Ottawa County) will join the Coopersville Tooling Coalition Recovery Zone.
Advanced Tooling Systems in Comstock Park, Concept Tooling Systems in Walker and Tooling Systems Group Components, Walker (all Kent County) will join the Tooling Systems Group Recovery Zone.
The zones allow companies to operate free of most state and local taxes for up to 15 years. Amendments to the Michigan Renaissance Zone Act in 2005 allow existing zones to request the inclusion of additional companies.
To receive consideration for Recovery Zone designation, tool and die companies musthave a collaborative agreement that demonstrates synergistic opportunities among the companies and must include, but is not limited to, all of the following elements:
1. Sales and marketing efforts
2. Development of standardized processes
3. Development of tooling standards
4. Standardized project management methods
The Tool and Die Recovery Zone program is administered by the Michigan Economic Development Corporation. The MEDC, 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 on MEDC initiatives and programs, visit the Web site at www.michigan.org.
# # #