- April 27, 2022
- Posted by: Bastion team
- Category: World News
Menomonee Falls has agreed to work with a Milwaukee business to enable it to buy a 62,000-square-foot building on Commerce Drive.
The Village Board on April 18 unanimously voted to work with Keiding to provide $6.4 million in public bonds.
Keiding recycles paper to make packaging for a variety of products.
This company plans to move into the building at N90 W14507 Commerce Drive, and would create 15 to 20 new jobs in the village. The property is currently occupied by Nova Technology International, but is being sold.
Keiding would also continue to occupy its building at 4545 W. Woolworth Ave., Milwaukee.
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Financing for the project would come from $6.4 million of industrial development revenue bonds, a program through the federal government that offers the borrowing at a lower interest rate than other traditional options.
Village Manager Mark Fitzgerald said that the program requires a municipal partner. “But we have no liability,” he added. He said the financing is underwritten by the federal government. “It is not on us (if they don’t pay). We are only a conduit agent,” he added.
“It is a great company, and I think it is great for our village,” said Trustee Jeremy Walz
Cathy Kozlowicz can be reached at 262-361-9132 or cathy.kozlowicz@jrn.com. Follow her on Twitter at @kozlowicz_cathy.