Wednesday, August 15, 2007
$3 Million in Tax Exempt Bonds Approved for New Plant
Michigan Economic Development Corporation President and CEO James C. Epolito today announced that through the use of the state’s Private Activity Bond Program a $3 million allocation has been approved to help finance the expansion of Twin Birch LLC in Kentwood, Kent County. The bonds, issued by the Michigan Strategic Fund chaired by Epolito, will be used to finance acquisition of land and the construction of a 65,000-square-foot manufacturing plant to be located at 4044 Brockton Drive, SE.
The project will be leased to Creative Merchandising Systems, a Kentwood manufacturer of retail display fixtures.
“This new manufacturing capacity is being made possible by a partnership between Twin Birch and the MEDC” Epolito said. “It will strengthen the local economy, creating new jobs and generating additional tax revenue for the community.”
Private activity bonds are issued to finance projects for manufacturers and certain non-profit 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.
“Creative Merchandising Systems is typical of the companies that contribute without fanfare to the sustainability and growth of West Michigan,” Kentwood Mayor Richard L. Root said. “Small and medium-sized manufacturing companies such as Creative led by visionary owners are exactly what being ‘open for business’ is all about.”
The Michigan Economic Development Corporation, 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 about the MEDC, please visit the Web site at www.MichiganBusiness.org.
Donald S. Smith
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