The Redevelopment Authority of the City of Milwaukee will conduct a public hearing on Thursday, April 17, on the proposed sale of city land in the Menomonee Valley Industrial Park to Charter Wire.
As SBT first reported exclusively in January, Charter Wire, a division of Charter Manufacturing Co. in Mequon, plans to purchase 7.8 acres of land east of Miller Park. Charter plans to build $20 million, 160,000-square-foot manufacturing plant that will retain 115 full-time jobs in Milwaukee and position the company to expand its operations in the future. The company will move from its current plant in Milwaukee's Historic Third Ward.
The project will be financed by JPMorgan Chase through the New Markets Tax Credit program. The New Markets Tax Credit is a federal tax incentive program designed to encourage private investment in low-income communities. The federal program, through a variety of lenders, has helped several other Menomonee Valley business expansions, including Badger Railing.
"Without the help of JPMorgan Chase and the New Markets Tax Credit, this project would not be possible," said John Mellowes, vice president and general manager of Charter Wire. "Competing in a global economy requires a manufacturing company to be very competitive on cost and quality. A modern manufacturing facility will help us reach our goals."
"Were using available land strategically to grow businesses and are proud to work with one of Milwaukee's longtime employers to position the company for future success in the global economy," Milwaukee Mayor Tom Barrett said. "It's just as crucial for Milwaukee to grow current businesses as it seeks to attract new industries."
The city has about 25 acres of land available for development in the Menomonee Valley Industrial Park. Companies interested in obtaining additional information about the site can visit www.RenewtheValley.org.
City to move forward with sale of land to Charter Wire
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