The site was used in recent years by automotive supplier BorgWarner's air/fluid systems operation, which left in August 2003. Previously, the facilities were the headquarters of Holly Carburetor, which movedout in 1987.
Warren officials recently declared the 18.25-acre parcel functionally obsolete and established a special tax district there under Michigan's Obsolete Property Rehabilitation Act. Universal Am-Can has been approved by the state for a tax credit of more than $5.6 million over the next 10 years. Under city guidelines, meanwhile, the company qualifies for a property tax break of approximately $2 million over the next dozen years.
The state incentive is contingent upon the Warren city council approving an industrial facilities property tax abatement for the company. A vote on that issue is tentatively scheduled for June 14.
The trucking firm's selection of Warren is the second major economic victory for Warren in less than a week. On May 13, the Pentagon announced the Detroit Arsenal would not be on the military's hit list of recommended base closures. The US Army Tank-automotive andArmaments Command in Warren stands to gain 647 employees if the federal government approves the Defense Department's recommendations.
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.
