Tax break for carbide company

A local business hopes to stay in business with local government help.
Springfield Township Board approved a resolution, July 8, designating Carbide Form Master on Dixie Highway, a Tool and Die Renaissance Recovery Zone.
The state designation reduces property taxes paid by the business to the township. It paid $9,286.43 in total property taxes in 2009. According to the agreement, Carbide Form Master will pay $1,831.29, saving $7,455.14. The state of Michigan pays $5,296.82, leaving the township short $2,158.32.
The benefits outweigh lost tax revenue, said township Supervisor Mike Trout.
“We’re anxious to help them ? tool and die is the bread and butter of manufacturing,” Trout said. “Hopefully it’s enough to help them grow their business. The goal is to add jobs and expand. They’ve been around a long time. They’re great people. We don’t want to see them go out of business.?
Carbide Form Master, which grinds carbide tooling and dies for industry, was started by the Stoglin family in 1979 in Lake Orion. It moved to Springfield Township in 1983.
By 2008, its customer base was less than 50 percent of what it was, said company President James Stoglin in a report to the township.
“CFM is striving to stay in business and retain the current employees until things turn around,” he said. “Plans are to invest and update machinery and hire new employees.”
It employed up to 15 employees, and now employs six workers.
When CFM moved into Springfield Township, they were able to secure a tax abatement for 10 years, and then another one for eight years when they built a 2,480-square-foot addition in 1994.
The designation also helps them share information and marketing costs with other companies.

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