A $2 million incentive from the Michigan Business Development Program will serve as incentive for construction of a new $47 million La-Z-Boy headquarters in Monroe, Michigan, creating 50 new jobs.
“The La-Z-Boy name is synonymous with quality and comfort, and it is great news this longstanding Michigan company chose to make large, new investments here,” said Michigan Economic Development Corporation President and CEO Michael A. Finney. “La-Z-Boy’s continued commitment sends a message that will be heard around the world that Michigan’s highly competitive business climate and tremendous workforce capabilities mean real opportunities for leading edge businesses.”
La-Z-Boy Incorporated, headquartered in Monroe for 85 years, manufactures a full line of living room and family room furniture including its world-famous recliners, reclining sofas and loveseats, sleep sofas and stationary sofas and chairs. La-Z-Boy plans to construct a new world headquarters and redevelopment its current production facility.
The company plans to invest approximately $47 to $53 million dollars, prior to incentives and tax abatements, and create 50 new jobs, resulting in a $3 million Michigan Business Development Program incentive for the project. The Michigan Strategic Fund also approved a Renaissance Zone and $700,000 in Community Development Block Grant funds for the project.
“We are pleased to receive assistance and cooperation from local and state governments so that we may proceed with plans to move into a facility that is more reflective of our vision for the future. Accordingly, we are committed to developing a LEED-certified building utilizing sustainable building practices,” said La-Z-Boy Chairman, President and Chief Executive Officer Kurt L. Darrow. “The building will also herald our evolving image as a global company and will enable us to work in an environment that fosters creativity, collaboration and ongoing innovation.”
In addition to state incentives, the City of Monroe and Frenchtown Township are supporting the MSF-designated Renaissance Zone for nine years, with a value of approximately $9 million.
“The County of Monroe and the Monroe County Business Development Corporation are thrilled that one of our oldest and most successful companies, La-Z-Boy Incorporated, has been able to secure the necessary incentives from the MSF Board to allow them to invest in a new world class headquarters in the community in which they were founded,” said Monroe County Business Development Corporation President and CEO Tim C. Lake. “The County of Monroe and its Board of Commissioners and staff were most helpful in working with both the City of Monroe and Frenchtown Township to make this dream a reality. Retaining La-Z-Boy in the County of Monroe is important to not only the county but to the region.”