01-26-15 Community Investment - Laserfiche WebLink

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COMMUNITY INVESTMENT JANUARY 26.2015 3:55 P.M. Committee Members Present: Gavin Ferlic, Henry Davis, Dr. David Varner, Dr. Fred Ferlic Other Council Present: Tim Scott, Valerie Schey (EAB), Oliver Davis (EAB), Derek Dieter, Karen White Others Present: Kathy Cekanski - Farrand, Kira Geiss - Heraeus, Erin Blasko, Chris Fielding, Scott Ford, Brock Zeeb, Jeff Ryan Agenda: Bill 15 -01 Tax Abatement -4315 S. Lafayette Blvd. Heraeus Kulzer LLC. Bill 15 -02 Tax Abatement -5021 Nimtz Parkway Foster Group LLC Bill 15 -03 Tax Abatement— 5021 Nimtz Parkway MGE Wholesale Inc. Bill 15 -04 Reconfirming Tax Abatement — LaSalle Apartments LLC Gavin Ferlic, chair of the Community Investment Committee called his meeting together with all members present. Four bills were listed for consideration, all abatements. The first, bill 15 -01 was a petition for Heraeus Kulzer. This company intends to invest $1.5 million in new equipment to expand their product line. Over the five year abatement one half of the expected $108 thousand generated in property taxes would be abated. Kira Geiss, Director of Finance, for Heraeus was present to describe the project and answer questions. Chris Fielding from CI staff made the presentation and also answered questions. Ultimately Dr. Ferlic made a favorable recommendation followed by a second from Gavin Ferlic. All affirmed. The next two bills 15 -02 and 15 -03 were heard jointly, both being from the same petitioner for the same project. Chris Fielding said bill 15 -02 asked for a two year real property abatement for the repairs and retrofitting the Bowne Building in the Blackthorn Industrial Park. The building has been vacant for several years and is intended to be a wholesale distribution site for MGE Wholesale. Bill 15 -03 was a 5 year petition for personal property abatement. The investment was expected to be in excess of over $200,000 as explained by Chris Fielding.