MEDC OKs loans for business expansion projects

MEDC OKs loans for business expansion projects

A northside Milwaukee company will expand its building with the help of financing through the Milwaukee Economic Development Corp. (MEDC).
The MEDC loan committee last week approved a $475,000 loan for the company, Precision Metrology Inc., at 7350 N. Teutonia Ave., and the property owner, Shipley Properties LLC.
Both entities are owned by
Carol L. Shipley.
The company will add 9,000 square feet of space to its 13,000-square-foot building, using the new space for climate-controlled laboratory space. The addition will triple the space of the company’s electronic labs.
The company provides calibration, repair and maintenance and certification on physical dimension gauging, electronics, surface plates, hard gauges, geometric references and other testing devices and meters.
It also distributes new gauges and equipment.
Precision Metrology now employs 55 people full-time and six part-time, and expects to add 10 full-timers and one part-timer in the expansion project.
M&I Bank also is participating in financing of the $1.2 million project.
In other action at its Oct. 6 meeting, the MEDC loan committee approved a $410,000 loan for Loomis Development LLC, to be used for Stu’s Flooring Ltd.
Both businesses are owned by Stephen D. and Daniel R. Ulik.
The Uliks plan to build a 16,100-square-foot building on a 2.8-acre parcel at 4800 W. Loomis Rd. in Greenfield. The building would include 6,220 square feet of showroom space, 1,669 square feet of office space and 8,200 square feet of warehouse space.
The new building would consolidate the operation from two buildings into one.
The Uliks expect to add 10 full-time positions to their current base of 19, and add four part-time positions to their current four.
M&I Bank also is participating in financing of the $1.5 million project.

For another building project, the MEDC loan committee approved a $200,000 loan for Perry O. Crawford III and Jeanne M. Crawford for their Crawford Tree & Landscape Service.
The Crawfords have been operating the company since 1969, renting a small office building on a 1.5-acre storage lot at 8700 W. Calumet Rd. in Milwaukee. The small shed and storage lot there no longer meets their needs.
They will use the MEDC funds to help finance the purchase of 2.147 acres of land on adjacent property, 8760 W. Calumet Rd., from their current landlord. They would then build a 3,456-square-foot office and service building on the property.
M&I Bank also is participating in financing of the $500,000 project.

The MEDC loan committee also approved an amended loan for The Soup Market Ltd. of Milwaukee. The committee on May 5 had approved a $49,000 loan for the business, to have a retail location at 2211S. Kinnickinnic Ave. Due to increased costs of the project, the owners, Tim Talsky and Jim Nowlen, returned to seek a $59,000 MEDC loan rather than the $49,000 loan. Park Bank also is participating in the $150,000 project.

A request from Endeavour Group Investments LLC for a $500,000 loan from MEDC was tabled for further consideration. The company is a new development operation of Tim Dixon, Randy Roth and Ed Kileen. They are seeking funds to help finance construction of a 6,920-square-foot office and restaurant building at 1818 N. Hubbard St., overlooking downtown. It would have two stories and an exposed lower level.
The development group would occupy the second floor of the building with the restaurant occupying the two lower levels.

Oct. 17, 2003 Small Business Times, Milwaukee

No posts to display