MONROE, MI – La-Z-Boy Inc. will receive property tax exemptions as an incentive to build its new world corporate headquarters.
The proposed $51.5 million project would be built on a 120-acre tract La-Z-Boy plans to buy from the Sisters, Servants of the Immaculate Heart of Mary, according to the Monroe Evening News. What La-Z-Boy describes as a "landmark" headquarters is expected to house 550 employees, including La-Z-Boy’s intention to create 60 new jobs.
To assist the project, the Monroe City Council recently voted 6-0 on a resolution to place La-Z-Boy in a renaissance zone. The furniture company would not pay any property taxes for the first six years, then pay 25% in year seven, 50% in year eight and 75% in year nine. La-Z-Boy would begin paying full taxes on the property taxes in the 10th year, according to the news agency.
La-Z-Boy said its new world headquarters will be a LEED-certified building utilizing recognized sustainable building practices. The company said it also "hopes to preserve a significant amount of green space on its campus, including the maintenance of an endangered oak savannah eco system, with the assistance of Monroe County and others."
Kurt Darrow, chairman, president and CEO of La-Z-Boy, said, "This project would be a large undertaking for La-Z-Boy and will only be feasible in Michigan with financial support and assistance from the State of Michigan, Monroe County, the City of Monroe, Frenchtown Township, and others."
La-Z-Boy, which is celebrating its 85th anniversary, moved its headquarters to Monroe in 1999, beating out several cities in the southeastern United States. At that time, the Michigan Economic Development Corporation offered a 14-year tax deal valued at $1.7 million to help lure La-Z-Boy and more than 150 jobs to Monroe.
Best known for its recliners, La-Z-Boy markets multiple brands including La-z-Boy Residential, La-Z-Boy Kidz, England Furniture, Hammary Furniture, Bauhaus USA Furniture, Lea Furniture, Kincaid Furniture, American Drew and La-Z-Boy Hospitality. La-Z-Boy also operates more than 500 La-Z-Boy Galleries. The company's business units combined for $1.2 billion sales during its 2012 fiscal year ended April 28.
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