Kentwood Firm Gets Bigger Digs
KENTWOOD — Michigan Economic Development Corp. President and CEO James Epolito announced this morning that through the Private Activity Bond Program a $3 million allocation has been approved to help finance the expansion of Twin Birch LLC in Kentwood.
The bonds, issued by the Michigan Strategic Fund, will be used to finance the acquisition of land and the construction of a 65,000-square-foot manufacturing plant at 4044 Brockton Drive SE. The plant will be leased to Creative Merchandising Systems, a Kentwood manufacturer of retail display fixtures.
Private activity bonds are issued to finance projects for manufacturers and certain nonprofit corporations. The Michigan Strategic Fund 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, according to the MEDC.
“Creative Merchandising Systems is typical of the companies that contribute without fanfare to the sustainability and growth of West Michigan,” said Kentwood Mayor Richard Root. “Small and medium-sized manufacturing companies such as Creative, led by visionary owners, are exactly what being ‘open for business’ is all about.”