Gov. Scott McCallum has announced the allocation of $3.8 million of Industrial Revenue Bonding Authority for two southeastern Wisconsin business expansion projects. Industrial Revenue Bonds are tax-free bonds issued by local governments, and the proceeds are loaned to new or expanding businesses for development projects. The interest rate is generally below the going prime rate.
The following project were approved:
Bevco Engineering Co., Inc., Milwaukee, $1.4 million – The company designs and builds custom electrical control panels and systems and manufactures fiberglass and steel shelters. It will construct a 25,000-sq.-ft. facility on 5.6 acres of land in a new industrial park in Sussex. The project will create 26 jobs over the next three years at an average wage of $19.13/hr. and retain 32 jobs. The total project cost is $1.9 million.
Mero Structures, Inc., Menomonee Falls, $2.4 million – The company is a specialty contractor that designs, engineers, fabricates and installs special steel and glass structures for innovative architectural designs, including canopies, atriums, and skylights. It will construct a 50,300-sq.-ft. facility that includes headquarters, manufacturing and warehouse space. The project will create 29 jobs over the next three years at an average wage of $20.44/hr. and retain 46 jobs. The total project cost is $3.6 million.
Training grants
The following summarizes the successful proposals for customized labor training grants provided to area organizations through the Wisconsin Development Fund:
Harley-Davidson, Inc., Milwaukee, $1,654,000 CLT – Harley-Davidson produces heavyweight motorcycles and offers a complete line of motorcycle parts, accessories, apparel and general merchandise. It has Wisconsin facilities in Franklin, Menomonee Falls, Milwaukee, Tomahawk and Wauwatosa. It is expanding and adding new equipment at its product development center in Wauwatosa and its manufacturing facilities in Menomonee Falls, Tomahawk and Wauwatosa. It will use its award to train up to 827 new employees on new production equipment. The training project will leverage an additional $2,946,000 in private investment by Harley-Davidson for educational and training purposes in the state.
Thermet, Inc., Waukesha, $24,043 CLT – The company specializes in heat-treating metal products through an induction process that yields superior quality and durability. To retain its customer base and seek new markets, it is pursuing ISO 9001 certification. It will use its award to train 15 current employees on meeting ISO certification requirements. The training project will leverage $24,044 in private investment.
Wisconsin Small Engine Consortium, Milwaukee, $250,000 Technology Development Fund award – This organization was established in 1993 to develop tools and methodologies that would further Wisconsin’s competitive edge in small engine design and market share. Wisconsin is the national center for this industry. Its small engine manufacturers employ 17,000 state residents. In cooperation with the UW-Madison and UW-Milwaukee, the consortium is continuing its research into the design and development of small engines that can meet current and future emissions standards and yield improved fuel economy. The project will leverage $250,000 in additional investment.
July 6, 2001 Small Business Times, Milwaukee
