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TROY, MI-Locally based Heller Machine Tools will use a $4.2 million Industrial Development Revenue Bond from the state to help finance a 38,000-sf expansion at its local plant.

The plant, at 1225 Equity Dr., produces a variety of machine tools. The expansion will allow Heller to boost production of flexible transfer lines and other automotive assembly machines. The expansion is expected to create about 23 new jobs, Heller says. The plant is near Troy Executive Airport.

Industrial Development Revenue Bonds lessen the cost of borrowing because the interest paid to the bond buyer is exempt from federal, state and local taxes, says the Michigan Economic Development Corp., which administers the bond program.

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