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UPDATE: Mercury Marine won't get $10m loan from county

UPDATED Wednesday, November 6, 2013 --- 9:09 a.m.

FOND DU LAC, Wis. (AP) -- The Fond Du Lac county board has decided against a $10 million loan to boat engine maker Mercury Marine.

The Reporter Media reports a resolution authorizing the loan failed in a vote Tuesday night.

The company wanted the loan for a $30 million expansion that would add 300 jobs in Fond du Lac.

Mercury's Chief Financial Officer Steve Cramer said he was disappointed, but they will move forward with the expansion at a slower pace.

They hoped to secure the loan at a low interest rate, with forgiveness of $1,000 per job added, up to 300 jobs. The job credits were to be paid with excess county sales tax proceeds and Mercury was to pay back the county by 2021 when the sales tax is set to end.

Copyright 2013: Associated Press

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Posted Tuesday, November 5, 2013 --- 8:45 a.m.

FOND DU LAC, Wis. (AP) -- Mercury Marine is seeking a $10 million loan from Fond du Lac County to help fund its $30 million expansion.

The boat motor maker has said the expansion will add 300 jobs in the area.

Fond du Lac County Executive Allen Buechel tells The Reporter Media that he's backing the loan request. Buechel says the company is offering good manufacturing jobs to an area with more than 6 percent unemployment.

County supervisors are expected to vote on the request as an amendment to a 2009 loan agreement. The county previously gave the company $50 million in performance-based loans to help encourage consolidation of its operations in the area.

Mercury Marine has doubled its Fond du Lac County workforce since to 2009 and now has more than 3,000 employees there.

Copyright 2013: Associated Press


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