LANSING, Mich. — Company expansion with assistance from a New Market Tax Credit (NMTC) from Michigan Community Capital (MCC) according to Hudsonville Creamery and Ice Cream Company, LLC.
The expansion is expected to add a new cold storage facility, production line, upgraded manufacturing capabilities, and 41 new jobs in Holland. The new jobs will include healthcare, retirement, and paid time off.
“The continued evolution of Hudsonville Ice Cream’s production facilities in Holland represents our commitment to the West Michigan community, with opportunities to hire local talent and partner with neighboring farms and businesses,” said Kevin Phillips, chief financial officer of Hudsonville Ice Cream. “We have proudly called the West Michigan region home for 95 years, and our facility expansions enable us to continue producing a variety of ice cream products while expanding our distribution throughout Michigan, the Midwest and beyond.”
New Market Tax Credits is a too provided by the U.S. Department of Treasury with the intention to attract objects that support low/moderate income households.
Founded in 2004, the MCC has secured a total of $255 million dollars in tax credit allocation through competitive rounds to support Michigan businesses and communities.
“The success of any business starts with a recognition that its employees are among its most valuable assets. Hudsonville’s commitment to living wages and benefits, its origins as a local dairy co-operative and its dedication and track record of giving back to the community are deserving of the support that MCC provided to this project," said Eric Hanna, president and CEO of Michigan Community Capital. “This expansion is a great example of cooperation between the public and private sector that benefits everyone involved.”
Reportedly, PNC Bank will supply $12.6 million dollar’s loan in addition to investment in the New Market Tax Credits.
“We are pleased to collaborate once again with Michigan Community Capital on this important transaction and look forward to broadening our relationship in the future,” said Jonathan Swigert, vice president and New Market Tax Credit originator for PNC Bank. “PNC is proud to be part of the economic development that will stem from Hudsonville’s continued expansion.”
More information regarding to the Hudsonville project and others can be found in this link.