|

Archery target manufacturer hopes to expand, add jobs

Comments Comments Print Print
Jake Magee
Saturday, April 8, 2017

JANESVILLE—With city council approval, a Janesville company that manufactures archery targets will soon expand, adding square footage and several jobs to its operations.

Rinehart Targets wants to add 9,000 square feet to its facility at 1809 Beloit Ave. and create 16 jobs over the next three years. The 16 jobs equate to 13 living-wage jobs, according to a city staff memo to council members.

The expansion is expected to boost the property's value from about $353,400 to about $872,700, according to the memo.

City staff recommends the council approve a tax increment financing development agreement that would allow Janesville to provide a $131,000 forgivable loan for the business to expand.

The agreement wouldn't be the first Janesville has struck with Rinehart Targets.

In 2008, Janesville provided a $125,000 incentive for the company to relocate from another Janesville location to its current spot.

The incentive also called for Rinehart Targets to retain its 13 jobs and add five. As of today, the company has 40 jobs, said Gale Price, economic development director.

“Instead of going just up to 18 jobs, they went up to 40,” he said. “They went way beyond what we had anticipated.”

Since that deal, the owners bought the next-door property at 114 E. Conde St. without city assistance and rehabilitated it to their needs, Price said.

“They've done a tremendous amount of work down there in the last nine years,” he said.

If approved, Rinehart Targets would likely break ground in May. The expansion project would take about five months to complete, Price said.

“An important component of the industrial economic development policy is to retain and help grow existing businesses,” Price wrote in the memo. “This company is an excellent example of how TIF can be utilized to help foster the growth of an existing industrial business.”

Rinehart Targets manufactures 3-D archery targets, such as deer and boars, for hunters to practice shooting. The company sells its products to national retailers, such as Bass Pro Shops, Price said.



Comments Comments Print Print