Janesville City Council approves GOEX agreement
JANESVILLE--A Janesville manufacturer that plans to build a new plant on the city’s north side hopes to add positions, but job creation will not be part of its deal with the city.
The city council on Monday approved a package for GOEX that includes public contributions of more than $1.5 million. After a state transportation grant is applied, the city’s cost drops to $891,000.
As part of the agreement, GOEX will be required to retain 130 full-time jobs for the seven years remaining in the life of Tax Increment Financing District 21.
GOEX is an industry leader in extruding a variety of resins into custom rigid plastic sheet and roll stock. It has posted double-digit growth in each of the last 10 years but is landlocked at its facility on Foster Drive.
It plans to build a 161,000-square-foot plant on the south side of Highway 14 at Newville Road with a taxable assessed value of $5.5 million. Equipment costs are expected to push the investment considerably higher.
The council last month approved an application for a $650,000 state grant to help offset transportation infrastructure costs at the site.
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