Alma Iron & Metal, located in Alma, Mich., is relocating from its riverfront location where it has operated for close to 60 years to an industrial park setting in the city.
The relocation clears the way for the city, about 50 miles north of Lansing, the capital of Michigan, to redevelop the riverfront site.
David Simon, with Alma Iron, said that that company was able to use brownfield tax incentives on both the location they were moving from, as well as the new location, to help finance the move. The tax incentives were approved by the Michigan Economic Development Corp. Total private investment in the move is estimated to be around $2.2 million, while the company will also use around $550,000 in tax increment financing.
Simon says that the move, which has been long discussed by the city, will allow the company to increase the actual size of its facility, from around 8 acres it has right now to around 10 acres.
Additionally, the company has expanded its existing facility four times. The new location, which has a rail siding and is close to a key highway, will give the company a change to get a better flow of the operations.
The company hopes to have the relocation complete by the end of this year.
“This project is a great example of how cooperation between private industry and state and local government can make economic development projects a reality,” MEDC president and CEO James Epolito said. “The tax incentives will benefit both Alma Iron & Metal and the city. It is definitely a win-win situation.”
“For thirty years, the city of Alma master plan has called for moving Alma Iron & Metal from their riverfront location,” city of Alma Mayor Mel Nyman said. “We are extremely pleased that Alma Iron & Metal will build their new materials recycling center in the industrial park. The city and its citizens are ready to redevelop the riverfront location for more appropriate uses.”
The company handles both ferrous and nonferrous metals. Despite the move, the company expects to continue business as usual, although the company is looking to add some updated design features to the new location, including modern storage pads and a water separator.
The MEDC is a partnership between the state and local communities to promote economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.