Unemployment shows improvement

St. Joseph County’s unemployment rate for the month of June was down by a small amount compared to May’s figure.

The Michigan Department of Energy, Labor and Economic Growth reported that the county’s jobless rate last month was 12.9 percent, a decrease from 13.1 percent the month previous. St. Joseph County’s rate in June 2008 was 16.6 percent, according to the agency’s statistics.

More jobs at Mendon plant

The largest employer in Mendon will get even larger, as village officials on Monday approved an Industrial Facilities Tax exemption certificate to International Automotive Components.

Village Manager John Hyden called Monday “a good day in Mendon.” His assessment was based on a $2.6 million expansion that IAC has already started. The company has secured a new client, and as a result, will invest in new equipment and add 75 new positions, Hyden said.

The tax-exemption certificate will abate 50 percent of the taxes on the $2.6 million investment over a 12-year period. Company officials indicated Monday that the new line will be in operation by late September or early October.

Groundbreaking for Diamond Creek Country Store

The Diamond Creek Country Store will be taking shape in Three Rivers in coming months following a groundbreaking ceremony Wednesday afternoon (April 14th).

The 16,000 square foot building to be erected on a 5.8-acre parcel just east of Walgreens, near the intersection of US-131 and Millard Street, will house a Purina feed and pet supply store that will be constructed by Morton Buildings.

Among the participants in the ceremony were the co-owners of the new business, Mary and Rich Overholt and their daughter, Stephanie, who will serve as the general manager.

During an onsite interview, Stephanie Overholt said there will be around 9,000 square feet of retail space and indicated that she’s looking forward to the store opening in the fall. She said, “I’ve had animals since I was a little girl and loved it and worked at a feed store and loved getting up and going. It was a passion and I want to continue that and, hopefully, be able to educate other people around here how much fun it can be.”

‘Fun” was a word that Stephanie’s mother, Mary, also used in talking about the store. She said, “It will be a fun place to work, a fun place to come and shop. We’re going to have gifts and a jewelry store within the store and art work.”

The store has been in the works for nearly three years and Mary said, “(I) can’t wait to see it take shape now and be able to fill it up and start servicing the community. It’ll bring in people from at least a 30-mile radius. These stores are usually a destination store. People know that they can get certain products and service they can’t get anywhere else and we’ll also do deliveries.”

Dick Rossow of Land O’ Lakes Purina Mills, was among those on hand for the groundbreaking. He said, “It’s going to be a great store. It will be a really nice shopping destination.”

Travis Munn and Jeff Pangle, sales consultants with Morton Buildings, participated in the groundbreaking ceremony. Munn said the store will deal with everything “for all sorts of animals anywhere from hamsters on up to horses and cattle and everything in between. It’s going to be an experience. It’s going to be more than just a feed store. People are going to come here to see this store. It will kind of have a Cabela’s feel to it.”

Munn added, “The building is going to be a centerpiece for the City of Three Rivers. It’s going to look very attractive. It’s going to have kind of a country feel to it so it will be quite a tourist attraction.”

According to Munn, work on the project will “start, hopefully, within the next week.”

Financing for the new store is being provided by the First National Bank of Michigan in Kalamazoo. Vice-President Nancy Kiesling participated in the groundbreaking and said the bank is “excited to see projects like this happen.”

Mary Overholt said the name for the business, Diamond Creek Country Store, reflects the name of the family farm.

Equipment upgrade at American Metal Fab

The Park Township Board has approved an Industrial Facilities Exemption Certificate sought by American Metal Fab on new equipment at a cost of $898,875.

The board acted on the tax break request from the company during its April meeting Wednesday evening (April 14th) after conducting a public hearing on the subject.

According to Supervisor Joe Eichorn, the company currently has 53 employees and anticipates hiring two more during the next two years as a result of the new equipment.

American Metal Fab is located on Franklin Drive north of Three Rivers.

McGrady Jewelers comes to TR

A new jewelry store has been added to the Three Rivers business community.

McGrady Jewelers, which has been in business in Sturgis for five years, has expanded by establishing a store at 705 South US-131 in Three Rivers.

The Three Rivers Area Chamber of Commerce and its Ambassador Committee welcomed the new business with a ribbon-cutting ceremony at noon Monday (April 12th).

Owner Robert McGrady, a goldsmith for 16 years, said the “main focus” of the business is repair and custom design.

The Three Rivers location began operation with a ‘silent opening’ a few days ago. A ‘grand opening’ is planned in two or three weeks.

The telephone number for McGrady Jewelers in Three Rivers is (269) 273-4175.

Back to the Old Standards

Over the past two to three years taking out a mortgage has changed. Banks and lending institutions have all been effected by the housing bubble that burst in 2007-08. What does that mean for you when you take out a mortgage? It means a number of things including more regulation from the Real Estate Settlement Procedures Act (RESPA), and most lenders are more conservative than prior to the burst. As you shop for property, spending a little extra time talking to a lender for a pre-approval and going over your specific situation will save you and your Realtor time and heartache on your road to the perfect purchase.

In the most recent regulation change, lenders are required to provide a Good Faith Estimate that they are now bound to within three days of a completed application for any loans that fall under the provision of RESPA. When evaluating your Good Faith Estimate you will be able to see what fees will be charged and the lenders fees cannot change from what they give you at that time. This gives you as a buyer the opportunity to shop around for the best rate and service to accommodate your needs.

Along with the regulation changes lenders are more conservative than they were just a few years ago. The lenders of today want to be around for the long term and are probably looking at a more detailed analysis of the lending standards which includes debt to income. Industry standard is that your total debt obligations on a monthly basis, including taxes and insurance are not greater than 36% of your gross income. Your mortgage, taxes and insurance should not be more than 28% according to industry standard.

Understanding these concepts and working with both your Realtor and lender as a team you will help to insure you are ready to make the commitment to purchase property. This market is a great opportunity for many to purchase at low prices and finance at historically low interest rates.

Submitted by Sara Trattles, who is an Affiliate Member of the St. Joseph County Association of Realtors and is employed at GreenStone Farm Credit Services in Schoolcraft.

Next Page »