Rexnord Corp. may receive $1.9 million from the city of Milwaukee to further assist in the relocation of its Zurn Industries LLC subsidiary from Pennsylvania to Milwaukee’s Reed Street Yards.
The proposal was unanimously approved Thursday by the Zoning, Neighborhoods and Development Committee. The proposal will go in front of the Common Council on Tuesday.
Rexnord announced in June that it plans to move Zurn to the Reed Street Yards, a 17-acre property in the Walker’s Point neighborhood that will become a global water technology business park. The relocation of Zurn, a manufacturer of engineered water solutions, will result in 120 full-time employees by March 2021.
The city of Milwaukee is proposing a $1 million grant for extraordinary site costs and a $900,000 forgivable loan with an interest rate of 4.5 percent to partially offset its relocation, hiring and other costs needed for relocation.
The plan is for Zurn to be located in a three-story, 52,000-square-foot building that is expected to be completed in 2016. Thirty-five full-time employees would initially work in the building.
Earlier this week, the Wisconsin Economic Development Corporation announced it is awarding Rexnord up to $2 million in state tax credits to support the relocation, as well as a $1 million state grant to the city of Milwaukee to help fund environmental site work and geotechnical activities on Reed Street Yards.
Reed Street Yards sits west of the Global Water Center at 247 Freshwater Way between the Harley-Davidson Museum and the Iron Horse Hotel. Located on the south bank of the Menomonee River, Reed Street Yards is expected to ultimately house more than 1 million square feet of space and will join the Global Water Center as the physical hub of an international water technology cluster.
