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Clipper Belt Bonds OK'd
GRAND RAPIDS — City commissioners authorized the issuance of industrial revenue bonds last week for an expansion project at Clipper Belt Lacer Co.
The project is expected to cost $7 million and add another 54,000 square feet to the company’s 91,000-square-foot manufacturing facility at 1995 Oak Industrial Drive NE.
The bonds will be exempt from state and municipal taxes, but the property will remain on the tax roll. The bonds can’t be discounted by more than 10 percent when sold.