Milwaukee-based restoration business, Sid Grinker, is applying for $10 million in tax credits to expand its facility and add employees.
[caption id="attachment_148060" align="alignright" width="301"] Sid Grinker building on Walnut Street[/caption]
The company, which has been family-owned for 56 years, is hoping to more than double the size of its 5,000-square-foot building at 416 W. Walnut St. by adding 5,656 square feet and also wants to hire 12 new employees while retaining its current staff of 36.
The First-Ring Industrial Redevelopment Enterprise, (FIRE) advisory board, will consider the request today, along with another request by Tramont Manufacturing LLCfor $10 million in tax credits.
If approved, the closing date would be in October.
In 2007, the city of West Allis created the FIRE as a community development entity to issue tax credits to help finance developments in low-income areas throughout southeastern Wisconsin.
FIRE has successfully received more than $100 million in New Markets Tax Credits from the U.S. Department of the Treasury since its inception.
Sid Grinker Inc., has $4.4 million in assets and $9.1 million in annual revenue. The company provides restoration services after fires, floods and vehicle damage with an emphasis on commercial and multi-family homes.
The $10 million allocation would help finance the equipment, improvements and working capital along with refinancing existing capital, according to documents filed with the city of West Allis. The money will also allow the company to grow while remaining financially stable.
“While the company has been able to successfully grow, it is still a relatively small company that is unable to secure the traditional financing needed to move forward with the full expansion,” according to a memo filed by the city.