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Edgar business park will get tenant
The Village of Edgar has agreed to a memorandum of understanding to bring its first employer to the Edgar Business Park.
In the agreement, B & D Fabricators LLC, Edgar, promises to spend $1.3 million to build and equip a new 11,690 square foot building and create four additional jobs beyond its current eight person workforce. The village will provide the business with five acres of land for one dollar, a $20,000 cash grant and build and pave a new street with rerouted utility service for an estimated $70,000.
“We have been working on this project for the past six months and are very happy to have this addition to the community,” said Dennis Weix, village administrator. “The project will add substantial value to the tax base of the village as well as adding a number of good paying jobs which will help our business climate.”
The taxable value of the proposed B & D Fabricator’s building will be at least $720,000. Weix said it is hoped the business will over time add $4 million to the village’s tax base.
Owners of B & D Fabricators are Todd and Ellen Brinkman, Edgar.
Todd Brinkman declined comment for this story.
The company web site states B & D Fabricators is “a US manufacturer of construction attachments for a growing world.”
The new business will be located in a village Tax Incremental Finance (TIF) district. The business will generate an estimated $13,320 in annual (TIF) property taxes over 17 years both to pay off investments in the B & D Fabricators project and the business park in general.
If the business does not expand within five years, the village retains the option of repurchasing the eastern 2.6 acres of the company’s five acre parcel, according to the memorandum of understanding.
On Monday, the Edgar Village Board agreed to dedicate new street right of way in the business park to serve the B & D Fabricators project.
The company will be located on the far west side of the business park.
Village attorney Phil Freeburg said on Monday the village board needs to approve a formal developer’s agreement with B & D Fabricators before it deeds over five acres in the park to the company.
The Wausau Region Chamber executive director Roger Luce on Friday said creation of four new jobs would likely not be enough for the chamber to convert a $60,000 business park development loan to Edgar into a grant.
The village is obligated to pay back the $60,000 loan if the business park does not generate at least 17 jobs by 2010.
“We will honor our side of the agreement and would expect the village to honor its side of the agreement,” said Luce.
The Village of Edgar has agreed to a memorandum of understanding to bring its first employer to the Edgar Business Park.
In the agreement, B & D Fabricators LLC, Edgar, promises to spend $1.3 million to build and equip a new 11,690 square foot building and create four additional jobs beyond its current eight person workforce. The village will provide the business with five acres of land for one dollar, a $20,000 cash grant and build and pave a new street with rerouted utility service for an estimated $70,000.
“We have been working on this project for the past six months and are very happy to have this addition to the community,” said Dennis Weix, village administrator. “The project will add substantial value to the tax base of the village as well as adding a number of good paying jobs which will help our business climate.”
The taxable value of the proposed B & D Fabricator’s building will be at least $720,000. Weix said it is hoped the business will over time add $4 million to the village’s tax base.
Owners of B & D Fabricators are Todd and Ellen Brinkman, Edgar.
Todd Brinkman declined comment for this story.
The company web site states B & D Fabricators is “a US manufacturer of construction attachments for a growing world.”
The new business will be located in a village Tax Incremental Finance (TIF) district. The business will generate an estimated $13,320 in annual (TIF) property taxes over 17 years both to pay off investments in the B & D Fabricators project and the business park in general.
If the business does not expand within five years, the village retains the option of repurchasing the eastern 2.6 acres of the company’s five acre parcel, according to the memorandum of understanding.
On Monday, the Edgar Village Board agreed to dedicate new street right of way in the business park to serve the B & D Fabricators project.
The company will be located on the far west side of the business park.
Village attorney Phil Freeburg said on Monday the village board needs to approve a formal developer’s agreement with B & D Fabricators before it deeds over five acres in the park to the company.
The Wausau Region Chamber executive director Roger Luce on Friday said creation of four new jobs would likely not be enough for the chamber to convert a $60,000 business park development loan to Edgar into a grant.
The village is obligated to pay back the $60,000 loan if the business park does not generate at least 17 jobs by 2010.
“We will honor our side of the agreement and would expect the village to honor its side of the agreement,” said Luce.
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