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August 8, 2003     Cape Gazette
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August 8, 2003
 

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34 - CAPE GAZETTE, Friday, Aug. 8 - Aug. 14, 2003 Delaware receives highest bondratings from Wall Street Gov. Ruth Ann Minner announced Delaware received the highest possible rat- ings for its anticipated sale of general obli- gation bonds Aug. 6. Delaware has main- tained the highest possible rating with all three nationally recognized rating agencies since the spring of 2000. Delaware is one of only seven states currently holding these top ratings. Several states have recently been downgraded. "The fact that Delaware is one of only New jobs Continued from page 33 by. The expansion will consoli- date all of the company's East Coast manufacturing operations to the Milford plant. Construction is slated for com- pletion in November. BAC ex- pects to begin hiring additional welders, assemblers and machine operators in December. "We currently have a great team of committed, open-minded and productive employees in Milford, and the decision to expand here was influenced by the skilled la- bor in the local area," said Rick Green, manager of BAC's Milford plant. "Milford is also a wonder- ful place to work, live and raise a family." BAC was considering Milford and Baltimore for the expansion. A competitive incentive package provided through the Delaware Economic Development Office (DEDO) helped win the expan- sion project. "This is an excellent investment for the state," said DEDO Director $209,900 - 3BR - 2300 sq. ft. $119,900 - 3BR - 1382 sq. ft. FEATURIN@: S FlEAT. Akq CONDINI ' APPtJANCES. Vuen. Stag , GOURMET KITCHB ' CAnPeT .Two C G ' FreT FLOOR OWNER SUITES. IJ, NOSeAPING . SIALKS . BUlLIY Proms. Sums. WELL. SeenC Built on your lot in 150 days or less... Call for information 302-947-9167 CAPE CUSTOM seven states to hold the highest rating from all three rating agencies speaks volumes," said Minner. "The reaffirma- tion of the state's AAA bond rating from these impartial experts vali- dates the strong finan- cial leadership the Gen- eral Assembly and my Judy McKinney-Cherry. "Not on- ly have we brought a significant number of new jobs to our resi- dents, but we've also secured a key role in the growth of a global- ly successful manufacturing com- pany." DEDO has offered BAC a strategic fund grant of $2,500 per job for up to 125 jobs. Strategic fund grants are performance- based and designed to recapture the funds through income tax rev- blINNER administration have shown during these tough economic times. These top ratings will save us money with lower interest rates, and they also confirm that Delaware's financial management continues to main- tain the highest possible level of excel- lence." Senator Nancy W. Cook, cochair of the Joint Finance Committee, participated in the July 17 presentations that were used by the rating agencies to determine their evalu- ation. "Given the financial difficulties other states have had balancing their budgets, Wall Street was very complimentary of the bipartisanship demonstrated in Delaware" Cook said. "In particular, they praised everything from the budget process from the independent revenue forecasting by the Delaware Economic Financial Advisory Council (DEFAC) to the ability of imple- Continued on page 39 enues within three years. The Kent County Levy Court is ex- pected to vote soon on a recom- mendation from its Strategic De-. velopment Fund Advisory Coun- cil to contribute $72,500 to the company. Milford Mayor Joseph Rogers said Baltimore Aircoil has been and will continue to be a tremen- dous asset to Milford. "We're very pleased that they decided to update the workforce by 125 jobs" Rogers said. "To see them continue to grow will be wonderful for our econo- my?' DEDO's workforce develop- ment section worked with BAC in the spring 2000, to facilitate lean manufacturing training, which helped streamline the company's production processes and signifi- cantly increased plant productivi- ty. DEDO is working with BAC on training again to prepare employ- ees for the expansion. BAC's Milford plant, which opened in 1974, currently em- ploys approximately 230 people and covers 128,000 square feet. The Milford expansion is part of BAC's global growth initiative, which also includes plant expan- sions in Paxton, I11.; Belgium; and Italy. BAC has eight manufactur- ing plants and 2,000 employees worldwide. Kathy Ford - On 60 Making Things Happen A TION Kathy Ford 6allo REALTORS  l ROUTE 24 & ANGOLA ROAD AT THE LIGHT 945-2627 THE TEAM TO HANDLE ALL OF YOUR REAL ESTATE NEEDS SANIBEL VILLAGE Two properties available. Both 2 bedroom, 2 bath condos, like new in an affordable community with pool and close to the beach. 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