City of Beloit offers incentives to retain jobs
From the WCLO newsroom:
The City of Beloit is poised to enter into a development agreement with Genencor, an enzyme manufacturer that decided to close its Beloit operations in 2005.
City Economic Development Director Andrew Janke says in 2006, the company began researching ways to convert the facility into a low-cost production facility.
Janke says the city is amending an adjacent TIF district for the company. He says the city is providing the company with incentive grants of $300,000 over two years. In exchange, Genencor agrees to keep at least 25 jobs at its facility through 2012. Genencor currently employs 60.
May 19, 2008 at 2:18 p.m.
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agreed...problem is that most of the Genencor employees live in Illinois
May 19, 2008 at 1:42 p.m.
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The idea of TIF districts is that the city eventually recovers the money through property taxes, and even 25 jobs is probably well over $2.5 million in payroll over the next five years.
May 19, 2008 at 11:59 a.m.
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"Genencor agrees to keep at least 25 jobs at its facility through 2012"
25 jobs is not that many. These had better be good paying jobs. There are plenty of company's with at least 25 jobs who don't get incentives like this.
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