Ann Arbor SPARK Assists Applicants With Recovery Zone Bonds

ANN ARBOR, Mich., Feb. 15 /PRNewswire/ -- Ann Arbor SPARK is assisting applicants with funding available through Recovery Zone Economic Development and Facility Bonds.  Appropriated through the American Recovery and Reinvestment Act of 2009, Recovery Zone Bonds provide reduced rate financing and stimulate economic growth in Recovery Zones.  

In Washtenaw County, over $33 million is available through the Recovery Zone Facility Bonds program.  An additional $17 million is available in the City of Ann Arbor through the Recovery Zone Facility Bonds program.

"Recovery Zone Facility and Economic Development Bonds support the infrastructure that helps make our region a destination for businesses," said Robert Guenzel, Washtenaw County Administrator.  "By providing funding for research and manufacturing facilities in our region, the Recovery Zone Facility Bonds are a resource for attracting new businesses to the Ann Arbor area as well as helping grow businesses that are expanding here.  Recovery Zone Economic Development Bonds allow governmental units to borrow at a lower cost than traditional tax-exempt financing."  

Recovery Zone Facility Bonds are tax-exempt private activity bonds issued for the purposes of promoting development or other economic activity, including capital expenditures.  These bonds can be used for commercial and industrial projects that do not normally qualify for tax-exempt financing, including manufacturing plants, distribution centers and research parks.  Public infrastructure and construction of public facilities, as well as job training and educational programs, may qualify for Recovery Zone Economic Development Bonds.  

Applications for Recovery Zone Bonds in Washtenaw County are available through the Washtenaw County Economic Development Corporation and the City of Ann Arbor Economic Development Corporation.  Ann Arbor SPARK will assist those applying for Recovery Zone Bonds, provide review and will forward requests to the proper bond counsel for consideration.

Applications for the Recovery Zone Bonds must be submitted during 2010.  Information regarding Recovery Zone Bonds is available at: http://www.annarborusa.org/funding-incentives/

ABOUT ANN ARBOR SPARK

Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations.  Ann Arbor SPARK represents all communities in the Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Michigan Works!/ETCS, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development Corporation.  For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.

SOURCE Ann Arbor SPARK

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