QUINCY, MI (WTVB) – The Quincy Village Council approved an amended Industrial Facilities Tax Exemption Certificate with Speedrack Products on Tuesday night.
The original agreement with Speedrack was approved back in 2020. Originally, the total cost for the expansion project was $19 million but only $9 million was used to complete the project.
A groundbreaking ceremony for a 130,000 square foot addition was held in July of 2020.
The expansion allowed Speedrack to create 80 new jobs. It was assisted by a Michigan Department of Transportation economic development fund grant of over $325,000 that was used to reconstruct Church Street.
Speedrack expanded due to increased demand.
Tuesday’s re-vote on the amendment for the amount of the project was needed to insure Speedrack’s tax base will stay the same for the next 12 years.
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