Industrial Revenue Bonds

Industrial Revenue bonds have been approved for two local business expansion projects. Gov. Scott McCallum noted that the projects are expected to create 24 jobs at an average starting wage of $16.33/hour; retain 157 jobs; and generate $20.9 million in new capital investment.
The awards were made at the Department of Commerce Volume Cap Allocation Council meeting held Oct. 24 in Madison.
The following summarizes the successful proposals:
Kenosha Metal Products, Inc., Pleasant Prairie, $1 million IRB allocation – Kenosha Metal Products manufactures and supplies small, medium and high-volume metal stampings and small assemblies for the automotive industry.
To accommodate expected growth, the company will construct a 34,600-sq.-ft. addition to its existing manufacturing facility. The project also includes the purchase of new equipment to increase tooling life, expand its stamping capabilities, and reduce noise and vibration.
The project is expected to create six jobs at an average wage of $13.66/hour and retain 38 jobs. Total project cost is $2.9 million.
Republic Services, Inc., Racine, $12.5 million IRB allocation – Republic Services provides non-hazardous solid-waste collection, transfer, disposal and recycling services for commercial, industrial, municipal and residential customers.
The company is planning landfill expansion and closure activities at Mallard Ridge in Darien, Walworth County, and at Kestral Hawk in Racine, along, along with other improvements including ecological restoration and monitoring, clay borrow source development, and extensions and upgrades of gas recovery systems.
The project is expected to create 18 jobs at an average wage of $19.00/hour and retain 119 jobs. Total project cost is $18 million.
Industrial Revenue Bonds are tax-free bonds issued by local governments, and the proceeds are loaned to new or expanding businesses for development projects.
For further information about the Industrial Revenue Bond Program, contact Bill Wheeler, Department of Commerce, at 608-267-2045.
Nov. 8, 2002 Small Business Times, Milwaukee