TRAVERSE CITY -- Traverse City commissioners unanimously approved two multi-year tax abatement requests for a local company that intends to retool an old automobile parts manufacturing plant into an aerospace parts factory.
Commissioners approved a 12-year industrial facilities tax abatement worth more than $13,700 annually at current tax rates, as well as a six-year personal property tax abatement worth more than $25,700 annually at current tax rates. The tax breaks approved on Monday are for Skilled Manufacturing on Aero Park Drive in Traverse City.
The company intends to invest more than $8.5 million over the next three years and will create up to 73 new jobs in the next five years, said Jerry Carlson, executive vice president.
The plant will produce parts for jet engines and aircraft gear boxes, a plan that is expected to spur additional economic developments, he said.
"This will bring on other businesses related to this industry," Carlson said.
Commissioner Ralph Soffredine said the company's efforts will be good for the city.
"It gives us an opportunity to see something expand here, as far as manufacturing goes," Soffredine said.
Commissioners also supported Mayor Michael Estes' appointments to two city boards.
Christopher Tholen will complete a three-year term on the city's Human Rights Commission that expires in June next year, filling a vacancy created when Mimi Bruder resigned. Also, William Fowle and Laurie Lake will serve four-year terms on the Traverse Area District Library Board through November 2013.
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