City of Waukesha asked for $9M in TIF financing for project
Waukesha Electric Systems is planning a $42 million expansion of its Waukesha headquarters and manufacturing facility at 400 S. Prairie in Waukesha, which is expected to add at least 100 new manufacturing, engineering and business support jobs.
According to a memorandum of understanding with the city of Waukesha, the city is considering a $9 million tax incremental financing request from the company.
Waukesha’s Finance Committee will consider the memo on Tuesday night at 7 p.m. If the memo is agreed upon, the Common Council could consider it as early as April 8. If the memo receives approval from the council, a formal TIF proposal would be developed.
Waukesha Mayor Larry Nelson said the memo was the result of six months of negotiations between the city and Waukesha Electric officials.
“I’m thrilled that Waukesha Electric plans to expand in our city,” he told BizTimes today. “These are the kind of skilled manufacturing, engineering and support jobs that will bring new people to our city.”
In January, Waukesha received $12.45 million in tax credits to expand its Waukesha plant to make large high voltage power transformers. At the time, the company anticipated that more than 80 percent of the transformers will be used to help bring renewable energy to distant load centers or to replace aging, less efficient transformers.
Nelson’s post is up for re-election on April 6. He is being challenged by Waukesha businessman Jeff Scrima.
Nelson said the memo of understanding was brought forward at the request of Waukesha Electric officials, not because of the timing of the election.
“It was a week ago when we had a meeting where they asked how quickly we could produce the memo to get this moving forward,” Nelson said. “The timing has nothing to do with any election. It has everything to do with reaching an agreement a week ago and both Waukesha Electric and the city wanting to move this forward.”