$2M Bond to Help Finance Partalis Properties

TROY, MI-The Michigan Economic Development Corporation will help finance the expansion of Partalis Properties and PMP Enterprises in the city. The help will come through the use of the Industrial Development Revenue Bond program, a $2.4 million allocation, officials says.

The bonds will be used for the renovation and rehabilitation of the facility at 1360 East Big Beaver Rd. Partalis Properties will own the project and PMP Enterprises will lease the manufacturing facility. PMP fabricates and installs marble, granite and other custom finished natural stone products for commercial and residential use. The project will create an estimated 10 new jobs.

“We appreciate the commitment of PMP to Troy,” says Don Jakeway, president and CEO of the MEDC. “The new jobs and revenue created will be a welcome addition to the community.”

Industrial Development Revenue Bonds (IDRBs) are issued to finance projects for manufacturers and certain nonprofit corporations. IDRB financing lessens the cost of borrowing because the interest paid to the bond buyer is exempt from federal, state and local taxes.

The MEDC, a partnership between state and local communities, promotes economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life, company officials say.