Tecomet Expansion

Tecomet Expansion

Tecomet, formerly known as Symmetry Medical, has been steadily growing over the last few decades by investing in South Lansing and creating good jobs for our local citizens. The city of Lansing and LEAP have assisted Tecomet with each of their past expansions, forming a strong partnership over the years. As a result, more than 400 people are now employed at Tecomet in Lansing. Tecomet sells their products throughout the world, bringing money back to Lansing and creating a large economic impact locally. Now, Tecomet is ready to expand again in South Lansing and the city, the Michigan Economic Development Corporation (MEDC) and the Capital Area Michigan Works! (CAMW!) are ready to help them continue to grow. The company plans to invest $14.5 million into a partially vacant building and create 160 new jobs over the next three years. The MEDC has offered to use its Business Development Program to provide an estimated $640,000 to the project. CAMW! Has offered talent recruitment and training services valued at $113,000.

$13.6M

total investment

160

Jobs Created

Community Impact

In addition to adding 160 full-time jobs to the city of Lanisng, Tecomet also applied for a five-year 50% tax abatement on its investment into this building. This abatement allows the company to save an estimated total of $78,000 in taxes over 5 years. Of this $78,000 in taxes, about $20,000 represents City of Lansing property taxes. The company will also be paying $78,000 in new taxes to the entire region. During the 5-year abatement period, the combined amount of new income and property taxes paid to the city is estimated to be $242,000. Over same five years, the city will forge $20,000 in taxes but collect $242,000 for a net gain of $222,000 into the City General Fund. After five years, Tecomet will begin paying the full tax rate. Thus, this is truly a good public/partnership for both Tecomet and the city of Lansing.

Funding Mechanisms

  • Act 198 50% Tax Abatement – 5 years
  • MEDC Michigan Business Development Program

Project Partners

  • City of Lansing
  • MEDC
  • Sam Eyde Management Company

Workforce Partners

  • Capital Area Michigan Works! training and recruitment services
Date

2019

Project Type

Expansion

Location

Ingham County, Lansing

LEAP Contact
Karl Dorshimer
Vice President of Economic Development