COMPANY TO EXPAND, WITH CITY'S HELP
Wednesday, September 14th, 2011 -- 12:55 PM
A Neillsville employer is set to expand with the city?s help.The city council approved several items Tuesday night that will help Fabricating Specialists expand into the former Leeson Electric north building.
Fabricating Specialists, a division of Mayville Engineering, currently leases the south building from a group of local investors called NICON TOO. The city will purchase both buildings for about $1.7 million and sell them to Mayville Engineering for $1.5 million.
The difference, roughly $200,000 will be made up through a combination of economic development funds, Listeman Foundation donations and tax dollars.
The city will also pay the company $4,000 per new job created through December 31, 2014, with a $200,000 cap.
The City of Neillsville is heavily invested in Fabricating Specialists, which started in 2008.
The company received a $275,000 grant from the city?s economic development fund and the Listeman Foundation.
Neillsville Mayor Dewey Poeschel says the city will close on the purchase on September 27.
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