The industrial development district will encompass Metaldyne's 300,000-sf plant at 2727 W. 14 Mile Rd., where $15 million of new equipment will be installed if the city takes the next step and approves a tax abatement on the personal property investment. "In the last three to four years, we've been under significant competitive pressure and we're very anxious to turn that trend around," Steve Dickerson, Metaldyne's vice president and general manager of torque transfer products, told the Royal Oak citycommission. Metaldyne has been considering upgrading another one of its plants in more business-friendly city or state.
Royal Oak dissolved industrial development districts in 1997, when they were seen as a form of corporate welfare. Now, most city commissioners agree Michigan's lagging economy needs help and Metaldyne is a worthyrecipient. The company is Royal Oak's largest taxpayer and among its larger employers.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.