Cascade Township Welcomes Major Investments, Approves Three IFT Exemptions
Industrial Facilities Tax Exemptions Approved for ADAC Plastics and Paragon D&E
Cascade Township, Michigan, July 18, 2018 – Cascade Charter Township has recently supported $26.6 million in real property investments within the community by approving three Industrial Facilities Tax Exemption Certificates for ADAC Plastics Inc. and Paragon Die & Engineering.
IFT Exemption Certificates enable companies to be eligible for certain tax savings during an agreed upon period. These certificates provide tax incentives to manufacturers to support the renovation and expansion of aging facilities, to assist with the development of new facilities and to promote the establishment of high tech facilities. These are given to companies to encourage growth and investment within the Township.
“Both ADAC and Paragon D&E have been phenomenal neighbors and have called Cascade home for decades,” said Ben Swayze, Cascade Township manager. “The Board was incredibly pleased to have the opportunity to support these companies in their efforts to invest and grow in our Township and provide high-paying jobs. We look forward to the growth and success of both ADAC and Paragon for many decades to come.”
ADAC Plastics applied for two abatements for new facilities, one of which will provide 56,000 square feet of office space and act as the company’s new headquarters, while the other will provide 21,050 square feet of additional space for its research and development facility. This addition and expansion will allow the company to add 50 jobs to its current workforce of 124 employees in Cascade.
The exemptions approved totaled nearly $16.8 million in real property investments for its headquarters and nearly $6.4 million in real property investments for its R&D expansion. Both certificates have been granted for a period of 12 years.
“We’re pleased to continue to invest in innovation and collaboration as we build our new $20+ million campus and create 50 new jobs in Cascade Township,” said ADAC President and CEO Jim Teets. “We appreciate the support of the Township officials and its employees as we move into our next stage of growth.”
Paragon D&E also applied for an abatement for a new facility, which will add 12,125 square feet to the company’s main manufacturing building. The exemption totals $3.4 million in real property investments and has been granted for a period of 12 years.
The company will be able to add 10 to 20 jobs at its Cascade facility, which currently employs 205 individuals.
About Cascade Township
Home to more than 18,000 residents, Cascade Township is committed to serving the public by providing the finest community services possible with respect, efficiency and integrity. With the Thornapple River at its heart, Cascade Township is recognized as an excellent place to live, work, play and raise a family. For more information, visit http://www.cascadetwp.com/.