St. Cloud OKs Park Industries Funding

St. Cloud has put its support behind an $11 million growth at Park Industries.

The St. Cloud City board unanimously accepted Monday to provide about $200,000 in tax-increment financing, or TIF, for the job over a nine-year term. The business manufactures stone-working equipment.

The company prepares to broaden its facility at 6301 Saukview Drive with 33,760 square feet of manufacturing space. The growth will help the business respond to market demand, mitigate danger and increase functional performance.

Park Industries creates, makes, installs and services stone-working devices, including saws used in the granite market. As part of the TIF agreement, the company has committed to maintain its 213 full-time comparable tasks and develop 20 brand-new jobs at a typical per hour wage of $20 within 2 years of task conclusion.

The project will certainly be done in 2 phases with the very first done this year and the 2nd next summertime.

About 40 percent of the $11 million will certainly go towards building with the remainder for machinery and equipment. TIF cash will certainly go towards website enhancement expenses.

TIF allows a designer to record, for a set time, the enhanced tax earnings created by the climbing market value of a redeveloped property. The cash is implied to counter significant redevelopment expenses.

Demand for Park Industries products is growing, according to the application. The housing market has actually enhanced, and Park Industries clients are working to automate their procedures to remain competitive.

The business stated in its application this is the biggest task in the business 60-plus years.

Follow Kari Petrie on Twitter @ karipetrie or contact her at 255-8765.

Tags:

Comments are closed.