MEDC Issues Bond for Sterling Heights Industry

STERLING HEIGHTS, MI - Manufacturing firm to buy land and construct a 81,000-sf facility.

By Robert Carr | August 16, 2000 at 01:01 AM

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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