Marshfield City Council Helps with Expansion of Newest Business
Wednesday, February 28th, 2018 -- 8:00 AM
(WDLB) -One of Marshfield's newest businesses is already expanding--and the city of Marshfield is covering land acquisition costs up front as part of a 10-year-old developer's agreement.Quality Tank Solutions built a 40-thousand square-foot stainless steel manufacturing plant in the Norwood Industrial Park last year--and now the business is already adding on. Q-T-S is now looking to add another 20-thousand square feet to the west of the existing building. Marshfield aldermen last night signed off on a budget resolution which will pay the developer--in this case Don Nikolai Construction--just over 27-thousand dollars to cover the cost of the additional property needed in the industrial park. Development Services Director Josh Miller told the Council last night the added manufacturing space will more than cover the city's costs through added increments in taxes being paid back to the city by Q-T-S.
The city has already invested just over 200-thousand dollars--120-thousand dollars in cash incentives and 94-thousand dollars in land payments. And with a guaranteed minimum assessed value of one-point-six million dollars, Miller says the return on investment is five-and-a-half years.
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