Other Views: Future looks bright for SHINE, city
I’m excited to announce the upcoming groundbreaking for SHINE’s Building One. Building One will be one of the most advanced private, nuclear technology facilities in the world, right here in Janesville.
In it, we will provide further validation of SHINE’s isotope production technology by demonstrating the first integrated production system and going forward, it will serve as a new technology development center.
Building One will have many benefits for both SHINE and Janesville: It will increase the flow of private capital into the area, serve as a national recruitment tool and draw global attention to the advanced technology being built here.
Its construction is an important milestone for SHINE, and we’re thrilled to be building it near the main development site.
Despite this, I must set the record straight with respect to recent reports about Building One. Contrary to some reports, no city funds will be used to finance Building One.
SHINE and the city are working on an amendment to our existing TIF deal that would provide additional guaranteed revenue to the city while allowing SHINE to recover the costs associated with relocating some of Building One’s capabilities to the main site later on. The amendment came about because the city would prefer we establish Building One off the main site to protect the value of the property in the event we’re unsuccessful developing it.
We found this to be a reasonable ask, and in exchange for the increment in TIF support, the proposed amendment doubles the guaranteed property tax revenue from the SHINE project—an economic win for the city. Further, because Building One will provide a more thorough demonstration of our process prior to the completion of the main facility, it also reduces taxpayer risk.
The partnership between SHINE and Janesville has been robust and continues to strengthen. Janesville has contributed roughly $600,000 to SHINE so far, with commitments for up to an additional $10 million after SHINE begins construction of the main facility. So far, SHINE has invested almost $60 million in the project and will invest over $100 million more.
The city also accelerated SHINE’s move to Janesville by helping facilitate the development of our office space. Because of that, SHINE has brought 50 jobs to the heart of downtown Janesville and expects to add another 100-plus jobs in the next couple years.
We have faced obstacles, but like Janesville, SHINE endures and is growing. SHINE and Janesville have worked tirelessly to bring this essential but challenging piece of global healthcare infrastructure to life and together have made unprecedented progress.
In the end, our work will improve the lives of 1 billion people, decrease the risk of nuclear proliferation, restore American independence in medical isotope production and contribute meaningfully to the tax and job base of our home here in Janesville.
The future looks bright for SHINE and for our community.
Greg Piefer is CEO of SHINE Medical Technologies.