WEDA Wire – July 31, 2019

WEDC Bulletin

An Economic Development Update from the Wisconsin Economic Development Corporation

WEDC Grant to Assist Small Businesses on Milwaukee’s Northwest Side

WEDC awarded a $500,000 Capital Catalyst award to the Northwest Side Community Development Corporation (NWSCDC) in Milwaukee to assist its targeted small business startup loan fund.

NWSCDC will provide $500,000 of seed funding, to be matched by funds from WEDC’s Capital Catalyst Program, for a total of $1,000,000 to be added to a designated loan pool. This pool will serve startups and small businesses, particularly women- and minority-owned businesses, working in local industry clusters, especially those in energy and power, food and beverage and water technology.

NWSCDC’s loan funds serve early stage companies that are generating some revenue but are not yet profitable. NWSCDC executive director Howard Snyder and director of lending Willie Smith will also provide specialized technical assistance and mentoring to these small businesses working to connect with local industry clusters.


Nexus Pharmaceuticals to Build Sterile Injectable Manufacturing Facility in Pleasant Prairie

Nexus Pharmaceuticals, a woman-owned, privately held healthcare company that produces specialty and generic injectable drugs, announced that Nexus has selected Pleasant Prairie as the location for its first production facility.

The Pleasant Prairie operation will support the production and supply of drugs in an array of therapeutic areas, including anesthesia, oncology, cardiovascular and neurology. Nexus’ proprietary products are currently contract-manufactured by third-party providers located primarily in Europe.

The multi-phase project is expected to be completed within ten years, with an estimated total investment of $250 million. In the project’s first phase, Nexus will invest $85 million to build and equip a 100,000 square foot, three-story production operation, construction of which will begin in August and be completed by 2021. After the facility and equipment are qualified, and subsequently approved by regulatory agencies, commercial production is expected to begin in 2022. Nexus will hire 70 workers (high-tech production, analytical testing, engineering, quality control and supply chain management) as part of the project’s first phase at an average annual salary of $67,000.

WEDC is providing Nexus with $1.5 million in state tax credits to support the first phase of the company’s plans. The actual amount of tax credits Nexus will receive is contingent upon the number of jobs created and the amount of capital investment during that period.


City of Two Rivers receives $250,000 state grant to support new downtown hotel

WEDC awarded a $250,000 state grant to the City of Two Rivers to help finance the construction of a new downtown hotel.

The Community Development Investment (CDI) Grant will support the construction of a Cobblestone Hotels & Suites, a 55-room, four-story hotel located near the waterfront in downtown Two Rivers.

The hotel will be in the heart of the historic downtown area with access to area restaurants, bars and retail shops, as well as bike and pedestrian trails. Because of its location on the waterfront, the hotel is just a few blocks from the popular beaches and several marinas that offer charter fishing on Lake Michigan.


Sub-Zero Group Inc. expands operations in Fitchburg

Sub-Zero Group Inc., the industry leader in premium refrigeration cooking and dishwashing appliances, is expanding its operations in Fitchburg with a new 350,000-square-foot research and development facility—a $70 million project expected to create 100 jobs over the next three years.

Founded in 1945, the third-generation, family-owned company is headquartered in Madison and currently operates manufacturing facilities in Fitchburg and Goodyear, Arizona. The new facility will serve as a research and development center that will drive innovation for next-generation products.

WEDC is supporting the project authorizing up to $1 million in state income tax credits over the next four years. The actual amount of tax credits Sub-Zero will receive is contingent upon the number of jobs created and the amount of capital investment during that period.

In addition to the 100 jobs expected to be created by the company, an economic modeling study estimates the project could indirectly generate 122 additional jobs in the region. Those 222 new jobs are expected to generate $2.8 million in state income tax revenue over a five-year period.


City of Delavan receives $250,000 state grant to redevelop new downtown apartment building

WEDC awarded the City of Delavan a $250,000 state grant to help finance the redevelopment of the historic George W. Borg Corporation facility into a new mixed-use apartment building.

The Community Development Investment (CDI) Grant will support the renovations and adaptive reuse of an important historic building into the new Brass Works Apartments, located at 820 East Wisconsin Street in Delevan.

The mixed-use project, which represents a $16 million direct investment, will include 73 loft-style apartments as well as 1,000 square feet of commercial space on the street level. Renovations will include the complete gutting of the building, full structural stabilization and renovation, replacement of historic windows, a new roof and remediation of existing environmental contamination.


City of Madison receives $250,000 state grant to support redevelopment of former Oscar Mayer facility

WEDC awarded the City of Madison a $250,000 state grant for the redevelopment of the former Oscar Mayer facility into a business and light industrial park called the Old Madison (OM) Station.

The Community Development Investment (CDI) Grant will support the renovation and restoration of a 58,000-square-foot building, known as Building 20, that was constructed in 1939 and previously served as a garage and machinist shop.

Once redeveloped, Building 20 will provide a unique retail and commercial flex space in Madison. Renovations will include sewer and plumbing work, construction of pedestrian entryways and significant masonry work, as well as energy-efficient upgrades. The building will also require environmental remediation to remove asbestos.


City of Jefferson receives $250,000 state grand to develop new downtown apartments, artist studio

WEDC awarded a $250,000 state grant the City of Jefferson to fund the construction of a new apartment building and artist incubator studio.

The Community Development Investment (CDI) Grant from WEDC will support the mixed-use Candise Street Lofts development, which will include 36 loft-style apartments as well as a 1,300-square-foot Arts Incubator Studio.

The $10 million redevelopment project, undertaken by developer Gorman & Company, will include the renovation of a historically significant former industrial building that has been vacant since 2012. The project site, constructed in 1916, has a long history of industrial use and has undergone several expansions and renovations in its capacity as a manufacturing facility.

In addition to increasing affordable housing options in downtown Jefferson, the project will also provide a space for artists with the Arts Incubator Studio. The studio will be located on the first floor of the building and will provide programming, workshops and trainings for artists in the community, as well as providing a space for nonprofit or advocacy groups looking to support artists.


Robinson Metal establishes operations in Manitowoc

Robinson Metal, a custom metal fabricator, is establishing a manufacturing facility in Manitowoc—a $2.6 million project expected to create 94 jobs over the next three years.

Robinson Metal plans to acquire a 112,000-square-foot facility previously owned by Manitowoc Crane that will be used to facilitate the company’s growth in three divisions: custom enclosures, pipe and vessel fabrication, and fabrication and machining. The new facility will allow the company to expand its capacity and increase revenues.

WEDC is supporting the project by authorizing up to $350,000 in state income tax credits over the next three years. The actual amount of tax credits Robinson Metal will receive is contingent upon the number of jobs created and the amount of capital investment during that period.


By | 2019-07-31T16:00:58+00:00 July 31st, 2019|Uncategorized|0 Comments

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