Wednesday, September 27, 2006
The Michigan Economic Development Corporation today announced that three Michigan tool and die companies have been approved to join two existing Michigan Tool & Die Recovery Zones, which will enable them to operate free of virtually all state and local taxes. The designations were approved today by the Michigan Strategic Fund board.
Enterprise Tool & Die, Grandville, (Kent County) and Richard Tool & Die, New Hudson (Oakland County), will join the United Tooling Coalition Recovery Zone. Standard Tool, Stevensville (Berrien County) will become part of the Berrien Tooling Coalition.
The zones allow companies to operate tax-free for up to 15 years, thus assisting their efforts to compete effectively in the global market. Amendments to the Michigan Renaissance Zone Act in 2004 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:
Sales and marketing efforts
Development of standardized processes
Development of tooling standards
Standardized project management methods
The Tool and Die Recovery Zone program is administered by the Michigan Economic Development Corporation. The MEDC is 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.
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