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International Tooling Is Growing
GRAND RAPIDS — International Tooling Solution LLC will invest $600,000 in computer design stations and new production equipment.
So city commissioners recently granted the firm a tax abatement on the personal property purchase. In return, International Tooling plans to create five more jobs with the purchase.
The company, which manufactures metal stamping dies, employs 68 people at 731 Broadway NW.
International Tooling also designs, machines, assembles and tests the dies.
The city figured that the project could produce up to $72,000 in new property taxes over a dozen years, the life of the abatement, and $29,000 of that amount would be abated. The city's portion of that tax is $13,000, with International Tooling only having to pay half of that figure.
The five new jobs could generate up to $18,000 in new city income taxes over the 12-year period.
The company was formed last summer after acquiring the assets of the Maghielse Tool Corp. and is still known informally as Maghielse-International Tooling.