The building will be leased by EDA to the company at cost and if at the end of 10 years Schefenacker maintains employment of at least 500 people, they will receive the building for $1 for its continued use. Citizens First Bank will provide EDA with financing to complete the building structure.

In addition to the at-cost building lease, a comprehensive package of incentives also includes a $1-million loan/grant to the company from the Michigan Economic Development Corp. The loan to Schefenackerbecomes a grant upon verification that the company has created at least 50 new jobs and has retained 750 existing employees as a result of the project.

Construction is expected to commence early next year with occupancy by Schefenacker at the end of August 2005. Schefenacker, which also has its corporate offices in Marysville, designs and manufacturers exterior automotive mirrors and mirror assemblies. Schefenacker had been considering building a new plant in Mexico, prior to making the deal to expand in Marysville.