St. Louis-based Emerson Electric Co. has completed the purchase of 11.6 acres of land for the future InSinkErator headquarters in Mount Pleasant.
The company paid $2.7 million for the land, which is located at the southwest corner of Highway 20 and International Drive. The 11.6-acre site is part of a 23-acre parcel that has an assessed value of $2.73 million.
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InSinkErator, an Emerson business, submitted plans to the village and Racine County earlier this year for a $24 million, 85,000-square-foot facility. The company will move 170 engineers and professional staff to the new facility making room for additional production capacity at the company’s Racine facility.
The project is also supported by a $4.65 million loan from the county and $600,000 in tax incremental financing from the village.
Racine County officials said the company considered a number of locations, including relocating to St. Louis, before deciding on Mount Pleasant.
InSinkErator announced in August it would be moving some production out of the Racine facility to free up space. The company also leased a 160,000-square-foot building in Kenosha in 2014 and planned to invest $65 million in its Racine operation.
The 2014 project is supported by up to $15.5 million in Enterprise Zone tax credits from the Wisconsin Economic Development Corp. WEDC had verified almost $6.8 million of those credits through the first quarter of fiscal 2017.
WEDC spokesman Mark Maley said the agency was talking with the company about how the move might impact those credits, but could not provide additional details because those discussions were ongoing.