The city of Milwaukee’s Redevelopment Authority announced that it has allocated $12 million of federal tax benefits to seven companies that renovated or built new facilities in Milwaukee in 2009.
The companies received allocations of the federal renewal community commercial revitalization deduction, which provides an accelerated depreciation deduction period for commercial real property, either new construction or substantial rehabilitation. The deduction is one of several federal tax incentives available to companies located within Milwaukee’s renewal community boundary, comprising about 80 central city census tracts.
Together, the seven firms receiving the tax benefit allocations invested more than $43 million in their projects, retaining 185 jobs. The firms expect to create 137 positions during the next three years.
"The seven firms that received commercial revitalization deduction allocations this year are finding success in their central city neighborhoods," said Mayor Tom Barrett. "We are pleased to support their decisions to grow their businesses in the community and hire local workers."
The companies that are receiving the tax benefits are:
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First Second Street LLC received a $500,000 allocation for the renovation of a long vacant commercial building at 209-211 S. 2nd St. The property is occupied by John Robert Powers Agency and School.
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Lighthouse Development Company LLC received a $1,016,500 allocation for its South Water Works mixed-use redevelopment of the former Transpak complex at 235 E. Pittsburgh Ave.
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Hotel of the Arts LLC received a $3,989,375 allocation for the renovation of a former community correctional facility at 1840 N. 6th St. into a 79-room Days Inn and Suites hotel.
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Wisconsin Arts Lab LLC received a $1,241,070 allocation for the renovation of a former industrial building at 1422 N. 4th St. into an arts education and exhibition center. Red Line Milwaukee, which occupies the building, provides education and studio space to emerging visual artists.
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Charter Wire received a $4.5 million allocation for the construction of its new 160,000-sqaure-foot facility at 3700 W. Milwaukee Road in the Menomonee Valley.
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First Milwaukee Properties LLC received a $410,757 allocation for its construction of a new 2,500-square-foot medical clinic at 1930 W. Wells St.
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Lange Brothers Woodwork Co. Inc. received a $342,298 allocation for the renovation of the firm’s 12,000-square-foot production facility at 3920 W. Douglas Ave.
