MAC Trailer Enterprises Expands Manufacturing into Mt. Pleasant Facility
Michigan Community Capital supports MAC Trailer Enterprises expansion with $7 million in New Markets Tax Credit allocations
FOR IMMEDIATE RELEASE
April 1, 2022
LANSING, Mich. – MAC Trailer Enterprises (MAC Trailer) is expanding its manufacturing capabilities in Mt. Pleasant, Michigan with the support of $7 million in New Markets Tax Credit (NMTC) allocation from Michigan Community Capital (MCC). The expansion includes the purchase of a 105,000-square-foot manufacturing facility located at 1799 Gover Parkway in Mt. Pleasant as well as new equipment anticipated to increase production by more than three times the current capacity.
MAC Trailer Enterprises was started in 1992 by Michael Conny. Over the past 30 years the MAC Trailer family of companies has grown into one of the largest custom trailer builders in North America. In 2013, MAC Trailer started manufacturing liquid tank trailers under the name MAC LTT, Inc. In 2020, MAC LTT Stainless Division was started to meet the demand to produce a product of stainless liquid tank trailers, and this subsidiary will operate in the new facility.
“MAC LTT Stainless Division, a subsidiary of MAC Trailer, is focused on healthy growth in our Mt. Pleasant operation,” said Jim Maiorana, president of the MAC LTT Stainless Division, Inc. “We are eager to expand employment opportunities in Michigan with this project made possible with support from Michigan Community Capital, PNC Real Estate and Huntington Bank.”
MAC Trailer’s expansion will create or retain nearly 100 full-time equivalent jobs in a census tract where 73.4% of the population falls below the poverty line. All of these positions pay a living wage and are accessible to people with less than a four-year degree from an accredited establishment. The company is prepared to hire people with no experience and provide multiple forms of training.
The total project costs are estimated to be nearly $10 million; MCC allocated $7 million in New Markets Tax Credits.
“Michigan Community Capital is thrilled to support the City of Mt. Pleasant and the State of Michigan in their efforts to expand opportunities for living-wage jobs in rural communities. This is a wonderful complement to our recent local workforce housing expansion at 410 W Broadway Street,” said Eric Hanna, president and CEO at Michigan Community Capital.
PNC New Markets Investment Partners, LLC will also be supporting the project with New Markets Tax Credit allocation investment.
“We are pleased to collaborate once again with Michigan Community Capital on this important transaction for the Mt. Pleasant community and the economic benefit this facility will create,” said Jonathan Swigert, vice president and New Market Tax Credit originator for Tax Credit Solutions, a PNC Real Estate business. “This facility is a testament to the impact that the NMTC program can have on our communities, and we are incredibly proud to be active participants in the program, supporting projects just like this one across the U.S.”
To learn more about MAC Trailer Enterprises and the expansion project, visit www.mactrailer.com.
About Michigan Community Capital
Michigan Community Capital (MCC) is a non-profit diversified public-private partnership that supports the missions of the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA) by aggregating capital and facilitating the financing and development of low-income and attainable housing, and the redevelopment of complex brownfield sites within the State of Michigan. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and the only Community Development Entity (CDE) that deploys this resource solely throughout the entire State of Michigan. Over its 16-year history, MCC has supported over $1 billion in project financing, successfully attracted $320 million in federal New Markets Tax Credits, and helped to create over 750 housing units and 1.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion. MCC provides products in four key pillars: housing equity, bridge and gap lending, New Markets Tax Credits, and property insurance for Low-Income Housing Tax Credit projects. For more information on MCC visit michigancommunitycapital.org.