The following constitutes an example of the types of incentives available to prospective developers. For illustrative purposes the fictitious project consists of:
- A project requiring 10 acres in our Business & Technology Park
- 40,000 sq. ft facility
- The total cost of the project, to include equipment and furnishings, is $5.0M.
- A total of 20 new jobs will be created from engineers to line workers.
The following incentives could apply:
A. City of Waupaca
Tax Increment Financing. Based on a $5M project investment, the City of Waupaca can provide $500,000 to $1.0M in Tax Incremental Financing (TIF) related incentives based on job creation, wages paid, and other factors. Incentives can pay for:
- Land buy down costs
- Infrastructure improvements, to include on-site treatment facilities
- Site development costs
- Electric/gas services and back up energy systems
- Landscaping and signage
- A/E Fees
- Attorney Fees
- Surveys, environmental reviews
- Parking lots and lighting
- Storm water management structures
- Specialized equipment for operations
- Highway/road improvements
Our recent incentive packages have taken the form of land buy down and annual cash grants to the business and/or developer based on performance of the business and/or developer.
The City of Waupaca will also take on the effort to secure a State of Wisconsin Transportation Economic Assistance (TEA) Grant to construct other infrastructure such as a rail spur to serve facility. The local match requirement on the grant could be a recognized TIF expense. The amount of the grant award from the State of Wisconsin is based on the number and types of jobs created.
B. Industrial Revenue Bond (IRB) Financing Available
The City of Waupaca is willing to participate in IRB financing. This program allows the company and/or developer to access tax exempt bond financing using the City for the conduit financing. This process results in reduced cost of funds by as much as 3.0% to 4.0%.
(Sec. 66.521 Wisconsin Statutes, Industrial Development Revenue Bonding)
C. Training Cost Assistance
1. State of Wisconsin Training Incentives.
The state of Wisconsin would likely partner with Fox Valley Technical College (FVTC) to provide the training the company is seeking. Information can found be found through the Wisconsin Department of Workforce Development and the Wisconsin Economic Development Corporation.
2. City of Waupaca Training Incentive
Financed through TIF expenditures this program will pay training related costs not eligible for payment by the State of Wisconsin.
D. Permitting Assistance
The City of Waupaca is proud of the service it provides in the area of plan review and approval. Acting as a partner to facilitate relevant permitting that could be required by the Department of Natural Resources (DNR) or other state agencies. The City of Waupaca does not have water and sewer connection fees and there is neither a plan review fee nor an impact fee for City developments.
E. Tax Abatements and Tax Credits
The City of Waupaca and the County of Waupaca do not provide tax abatements or tax credits. However, the State of Wisconsin does provide tax abatements and tax credits. Please click on the document below to view a detailed explanation of State tax incentives from the State Department of Revenue.
Please contact Brennan Kane, Director, Community and Economic Development at 715.942.9904 for further information.