Janesville signs off on development of GEA facility
JANESVILLE, Wis. (WMTV) - An agreement to develop an international supply system company’s repair facility in Janesville will create dozens of new jobs in the city and millions of dollars in value.
The City of Janesville announced that its City Council approved a Tax Increment Financing Developing Agreement Monday with GEA Mechanical Equipment U.S. for property development.
The City of Janesville expects 74 full-time positions to be offered at the 85,000-square-foot facility, which was an agreement also decided by the city and company.
GEA considered several different sites in other states to house their facility before choosing to set up in Janesville. City Economic Development Director Jimsi Kuborn stated that the new facility, which will be located at 3901 Enterprise Drive, will help further invest in Janesville.
“Today, we celebrate with GEA, who, with facilities across the U.S. and Wisconsin, choose to continue to invest and grow their company here in Janesville,” Kuborn said, adding the company is planning to “include a first-class facility and ample green space for employees.”
The City will initially hand over the 16-acre lot for $1 and GEA will repay the property’s value over the term of the agreement. The project is expected to produce $8.5 million in guaranteed value, with over $206,000 in guaranteed annual new tax increment.
The international group is a supplier of food, beverage and pharmaceutical systems. There are over 18,000 employees working across the company’s five divisions and 62 countries.
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