Bay County Board of Commissioners grants $3.1 million federal bond allocation to Renosol Corp.
Published: Tuesday, September 14, 2010, 5:30 PM Updated: Tuesday, September 14, 2010, 11:02 PM
PORTSMOUTH TWP. — Renosol Corp. is another step closer to adding 125 jobs and investing more than $3.1 million into its Portsmouth Township manufacturing facility.
Today, the Bay County Board of Commissioners unanimously granted a $3.1 million federal bond allocation to the Saline-based technology company.
Bay County Board of Commissioners Chairman Brian Elder was pleased with the allocation and expected investment from Renosol, which custom manufactures specialty molded polyurethane products, material handling dunnage and plastisol compounds.
"It's nice to see some manufacturing coming back from Mexico to Michigan," said Elder, after the Board granted the recovery zone facility bonds.
The bonds will be financed under the American Recovery and Reinvestment Act of 2009 (ARRA), according to the company's proposal to the Bay County Board of Commissioners for the bond allocation.
Elder, also chairman of the board of the Bay County economic development organization Bay Future Inc., recognized Magen Trask, economic development specialist at Bay Future, for her efforts of bringing the jobs and investments from Renosol to Bay County.
"It's great for our community," said Trask, who has been working with Renosol for two years. "I'm so proud to have been working with them on this project."
Renosol is proposing to re-equip its manufacturing facility at 691 River Road, Portsmouth Township, to composite leaf springs for vans and light, medium and heavy duty trucks and trailers, according to the company's proposal to the Bay County Board of Commissioners for the allocation.
The 125 jobs would be added over a five year period, according to the proposal.
The project, according to the proposal, is to manufacture glass reinforced polymer truck leaf springs would provide a 70 percent weight reduction, positively affecting fuel usage and carbon emissions.
Trask said Renosol's next move is to seek a 12-year tax abatement from Portsmouth Township, to help continue with future investments.