GRAND RAPIDS — City commissioners approved an industrial tax abatement for a custom award maker last week. They also gave a metal stamping company another 18 months to meet its job creation requirement under the Renaissance Zone regulations.
Terryberry Co. LLC got the tax abatement. The firm is in the process of adding a small Illinois business it purchased to its location at 2033 Oak Industrial Drive and needs to buy some equipment to complete the move, which would add five new jobs to the company.
Terryberry is investing $367,943 in the relocation effort, an expansion that should mean another $38,000 in new tax revenue over the dozen years of the abatement. About $15,000 of that tax revenue will be exempted if the state agrees with the city’s action.
Commissioners extended the Ren Zone agreement that Wolverine Coil Spring Co. got from the city for its $1 million building-renovation project in 2001. The company completed the work but hasn’t added the 10 new jobs it promised to create last year in order to get the tax-exempt status for its building at 818 Front St. NW.
City Economic Development Director Susan Shannon said Wolverine has filed a letter of credit with the city worth $100,000 as a sign the company intends to create the required jobs. The commission’s action gives Wolverine, which makes steel and wire springs and metal stampings, until the end of 2006 to fulfill its pledge regarding the new jobs.
“They have done the investment,” said Shannon of the $1 million Wolverine spent on the project.
Public hearings are on tap next month for two projects.
Thierica Inc., a maker of interior automotive components, plans to expand its molding and laser-etching systems by buying $770,000 worth of new equipment. The company at 900 Clancy Ave. NE is seeking an industrial tax abatement for the equipment purchase.
RT Global LLC has entered into a purchase agreement for 740 Michigan St. NE, home to the former Duck’s Restaurant, Kurley’s Korner and The Avenue. RT Global plans to invest $400,000 into renovating the building and then open a new restaurant there, creating 15 new jobs when the project is done. The firm is asking the city for an obsolete property certificate, which would allow for some of its taxes to be exempted.
Both hearings are set for Sept. 20.