Last updated on May 15th, 2019 at 05:03 pm
Sussex IM is planning to build a 145,000-square-foot facility near Highway K and Highway 164 to manufacture plastic injection molded parts, according to a resolution the Sussex Village Board will consider Tuesday.
The custom injection molding company serves a number of brands in the industrial, cosmetic, health care and home and garden markets. The company already has a facility at N65 W24770 Main St. in Sussex.
The project is expected to take place in multiple phases and is estimated to cost $10 million. The resolution before the board Tuesday calls for issuing up to that amount in industrial development revenue bond financing for the project. The village would act as a conduit for issuing the bonds to help keep Sussex IM’s borrowing cost down, but the municipality would not incur any liability from the deal.
The project could create up to 40 new full-time equivalent jobs within three years.
The Village Board is also considering a final resolution to approve up to almost $8.7 million in similar financing for an expansion at Rotating Equipment Repair Inc. Village administrator Jeremy Smith said the company has already begun construction on the project, which calls for a 78,000-square-foot addition to the company’s facility at W248 N5550 Executive Drive. The board approved an initial resolution for the project in April 2015.
Rotating Equipment Repair Inc. manufacturers centrifugal pump repair parts. The company purchased 7.5 acres for the expansion in late 2014.