GREATER BELOIT COMMUNITY AND ECONOMIC DEVELOPMENT UPDATE GBEDC - - PowerPoint PPT Presentation

GREATER BELOIT COMMUNITY AND ECONOMIC DEVELOPMENT UPDATE

GBEDC Board Meeting March 11, 2015

UPDATE ON RECENT ECONOMIC DEVELOPMENT ACTIVITY

Economic Development Activity

City Center (Downtown)

Ironworks Redevelopment

 Location: 655 Third St.  $38 Million renovation  YMCA may relocate to the south end  A $1 Million WEDC Idle Industrial Sites grant

awarded to the City of Beloit to support the project

PHOENIX BUILDING DEVELOPMENT

Downtown Mixed-Use Development

▫ 40,000 SF ▫ $4 Million Investment

23 of 27 Residential Units are Rented

Lucy’s #7 Burger Bar

▫ 430 E. Grand Ste. 101 ▫ 2,709 SF ▫ Open end of April

Zen Sushi & Grill

▫ 430 E. Grand Ste. 102 ▫ 3,000 SF ▫ Open late summer

200 West Grand / 100 East Grand

200 West Grand – Former Kerry Manufacturing Facility purchased by HCP

▫ Partial demolition work to begin in 2015 ▫ Ironworks type mixed-use redevelopment

100 East Grand – Former Kerry Office Building HCP in final negotiating stages to purchase from the City

▫ Retain FatWallet as a tenant ▫ Undertake a complete external renovation

Economic Development Activity

Industrial Development

Pratt Industries

• Vertically integrated manufacturer of corrugated

packaging materials

• Announced major project this past December
• 50 Plants US/Mexico
• $1.6 Billion in Revenue
• 4,400 Employees
• 5th Largest in the Country
• World’s largest corrugated packaging company,

privately-held 100% recycled paper & packaging

Proposed Project

 Construction of a new corrugated

container board manufacturing facility

Producing 600 tons a day at

capacity

 350,000 SF Facility, 10,000 SF Office  $52 Million Private Capital

Investment

 140 New “Green Collar” jobs

 Pratt has an aggressive goal to begin construction

this April.

 Gaining DNR Approval to mitigate the previously

delineated on-site wetlands at 1901 Gateway Blvd would have required an extended review period that would not accommodate Pratt’s required start date.

 Therefore, Pratt has elected to build the facility at

an alternate site at 1405 Gateway Blvd.

Time is of the Essence

Proposed Site Plan 1405 Gateway Boulevard

Proposed Perspective

$200,000 discretionary grant Grant proceeds to be used for

construction related activities

Source: GBEDC retained

earnings

Agreement includes a

“Clawback Provision” if the job creation/retention goals are not met

GBEDC Discretionary Grant

Incentives Value Combined City/State Incentives City/GBEDC $3,834,519 WEDC/WisDOT $4,850,000 Alliant Energy $200,000 GRAND TOTAL $8,884,519

Summary of

Project Milestones

• Original Development Agreement Approved

12/22/14

• Amended Development Agreement Approved

2/23/15

• Close on land transaction by March 31, 2015
• Begin construction by April 2015
• Facility fully operational by January 2016
• Job creation/retention schedule:

Ecolab

 Entered into a

long term lease for the former SEC building at 1630 Apex Dr.

 244,233 SF  Warehouse

distribution

Chicago Fittings

 Specialty Fitting Manufacturer  Relocating from Belvidere to the Gateway

Business Park (3170 Colley Road)

4.26 acre site 30,000 SF building $2.36 Million Investment 15 new jobs Klobucar Construction – Design/Build contractor



Closed February 27th



Begin Construction as early as April

Western Container

 10,000 SF Addition- completed late 2014

CCI/Blackhawk Transport H.Q. Project

 New H.Q. building for both

businesses

 To be located on Townhall

Road (East of Gateway)

 2 Story 22,000 square

foot office building

 $1,760,000 construction

cost

 Nearing completion

Medical Radioisotopes

 Company plans to develop

a production facility linear accelerators to produce isotopes used in diagnostic medical imaging

 50,000 SF facility nearing

completion

 Phase 1 will create 12 new

jobs

 Recently received a $5.2

Million Dollar Grant from the DOE

General Commercial Developments (Greater Beloit)

The Beloit Club

 Hendricks Commercial

Properties purchased property August 2014

 Groundbreaking October

 New 24,000 SF

Clubhouse

 New Pool Area  Improved Golf Course

 Open May 2015  New Flexible Membership

Levels

Ironworks at South Beloit

 Southwest corner of I-90 and IL Rt. 75  Proposed 450,000 Square Foot Retail Development  15-16 Tenants  Meijer Supercenter Anchor Tenant  Final Plat Approved in May  On Hold 2016 or 2017

Woodman’s Markets

 Multiple projects: warehouse

expansion, gas station, car wash and convenience store

 21,546 square foot

addition

 $3,500,000 Investment  Final Phase (Warehouse to

be complete in 2015)

BELOIT SENIOR HOUSING

Proposed New Assisted Living Residential Complex

2250 West Hart Road 44-100 units being proposed 5 acre development Project will create 24 new jobs $5,000,000 private investment

Cherry Tree Assisted Living

 72 total units located between

Shuster Drive and Cranston Road

 48 Residential Care Units  24 units will be in a

Community Based Residential Facility with a Memory Care Center

 4 acre development  Project will create 60 new

jobs

 $5,000,000 private

investment

 Developer has purchased

property

OTHER NOTABLE COMMERCIAL PROJECTS

Buffalo Wild Wings

2747 Milwaukee

Road

$875,000

Renovation

Open fall

South Beloit

In the process of

creation TID #1

Workforce Development Activity

Full-time Career Advocate position hired at BMHS

 Lindsey Healless started in February  Funded by the Hendricks Family Foundation

(3 years)

 Forge a line between local current workforce

needs and students

 Data driven with goal orientated objectives  Pilot program with goal to expand

regionally, state and national

Town of Beloit Sewer Treatment Expansion Project

• $3.9 Million Dollar Project will allow for increased capacity

Fran Fruzen Intermediate School

• 102,500 SF New construction
• $17,250,000 (estimated) Capital Investment
• Estimated completion July 2015

PUBLIC IMPROVEMENT and SCHOOL PROJECTS

Milwaukee Road Improvements – Phase I

• Sidewalk improvements
• New crosswalks
• Signal updates
• Landscaping
• Construction to begin

this summer

Business Retention and Expansion program

204 Interviews conducted to date

RLF Update

• Loan Portfolio Update
• 4 loans
• $157,969 lent out
• 1 loan delinquent
• Funds Available
• $274,620

Juicy Veggie

Closed on loan in December 2014 ($25,000) Maggie Finley Juice Retail Bottling / Distribution Business

• 2090 Shopiere Road
• 900 SF
• 7 jobs

Hopes to open this week

Investors Update

 Paid Investors YTD: 64  Past Due: 5  New Investors YTD: 4  Budgeted Income: $65,000  Income YTD: $60,247

Unemployment for the City of Beloit

Month/Year Rate Rank December 2013 9.6% 2 January 2014 10.5% 2 February 2014 10.6% 2 March 2014 10.3% 2 April 2014 9.2% 2 May 2014 8.9% 2 June 2014 9.5% 2 July 2014 9.5% 2 August 2014 8.2% 3 September 2014 7.0% 3 October 2014 7.4% 3 November 2014 7.4% 2 December 2014 7.7% 2

*Source: Wisconsin Department of Workforce Development, Bureau of Workforce Training – Labor Market Information Section

Economic Development Activity

Number of Jobs New Square Feet Value Total

252 1,015,546 $166,595,000

Number of Jobs New Square Feet Value Total

3,286 4,199,948 $692,428,195

Summary of Economic Development Activity Since 1999 Summary of Current Economic Development Activity

Thank You!