A $3 million tax-exempt bond has been issued by the Michigan EconomicDevelopment Corp. to help finance the expansion of Fitzpatrick ManufacturingCo. in Sterling Heights.The bonds will be used for financing the acquisition of land, siteimprovements, the construction of a 81,000-sffactory and the acquisition and installation of machinery andequipment to be located at 33637 Sterling Pond Blvd.The project will create an estimated 10 new jobs initially with a total of64 new jobs at full operation.

The project will be owned by Fitz-land LLC and leased to Fitzpatrick Manufacturing, which will makecomputer numerical control machining, turning and milling of parts for theautomotive, mold and special machine industries.Industrial Development Revenue Bonds are issued to finance projectsfor manufacturers, solid waste/cogeneration companies and certain nonprofitcorporations. IDRB financing lessens the cost of borrowing because theinterest paid to the bond buyer is exempt from federal, state and localtaxes.

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