Number
050948
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. HAMILTON and WADE
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 62 (DRS Power & Control Technologies, Inc.), in the 1st Aldermanic District.
Analysis
This substitute resolution approves a tax incremental district Project Plan to assist in the upgrade and redevelopment of the DRS Power & Control Technologies facility at 4265 North 30th Street. DRS is a supplier of defense technology systems to the U.S. military and intelligence agencies, major aerospace and defense contractors and international military forces. Nationally, DRS employs 5,700 and has other facilities in New Jersey, Connecticut, California, Texas, Florida, Ohio, Pennsylvania, Massachusetts and Colorado.
In Milwaukee, DRS designs and manufactures power generation, conversion and distribution equipment for ship propulsion systems for the U.S. Navy and for industrial applications. DRS employs 370 people at this location, principally engineers, engineering technicians and skilled assemblers. Average wages for unionized manufacturing and testing positions at this site is $19/hour. Technical and administrative staff averages $34/hour.
DRS will invest $11.5 million to upgrade its 30th Street facility. The proposed tax incremental district will provide a forgivable loan to DRS for $1.5 million and fund $150,000 of grants to adjacent residential property owners for exterior improvements. The DRS loan will be recoverable if DRS does not maintain employment over a ten-year period of 450 full-time equivalent positions. To implement the residential grant program, the boundary of the district will be expanded in the very near future. The district is expected to recover all project costs within twenty-five years.
Body
Whereas, Chapter 105 of the Laws of 1975 of the State of Wisconsin, with amendments from other chapters of said Laws, created Section 66.1105, Wisconsin Statutes, titled “Tax Increm...
Click here for full text