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LISTEMAN FOUNDATION WILL FUND MOST OF FABRICATING SPECIALISTS INCENTIVES
Monday, September 19th, 2011 -- 11:30 am
Posted by Riley Hebert-News Director
Details of the expansion should be announced soon, but Neillsville city officials are optimistic that an industrial park business’ expansion will help jump start the local economy.
At a meeting last week, the City Council approved a resolution authorizing the city to purchase the former Leeson Electric buildings. The south building is already occupied by Fabricating Specialists, which leases it from a group of local investors called NICON TOO.
Both buildings will be purchased for $1.7 million and sold to Fabricating Specialists for $1.5 million.
The difference—around $200,000—will be covered by several sources.
$132,000 will come from the city’s economic development fund. That money originated from the Listeman Foundation and has been used as a revolving loan fund. The purchase will almost completely deplete the fund.
$56,000 will come from the repayment of a loan to NICON TOO.
The remaining $12,000 will be funded by taxpayers.
The city will also pay Fabricating Specialists $4,000 for every job created, up to 50 jobs—or $200,000.
That money will come from a new pledge from the Listeman Foundation that will come in two annual installments of $100,000 a piece.
The city will close on the purchases on September 27th.
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