The Wisconsin Economic Development Corporation authorized the credits, which the Madison-based life sciences company can earn over the next three years by making capital investments in the state.
The company will get 3 percent credit for equipment, and 5 percent credit on land and construction, up to the $1.5 million cap. According to WEDC spokesman Mark Maley, any equipment the company earns credits on must remain at the facility for five years. That means the company couldn’t purchase a $1 million piece of equipment and then sell or relocate it.
Mark Hogan, secretary and CEO of WEDC, says the expansion is “a testament to the strength of our life science industry.”
The 270,000-square-foot R&D facility will consolidate operations currently divided between three facilities at Promega’s Fitchburg campus.
Last year, Promega received a $185,000 award from WEDC to help move its manufacturing operations from California to Wisconsin.
Although there’s no job creation requirement, WEDC says the project is projected to create 100 new jobs. As part of the deal, Promega must also maintain all current jobs at the facility for five years. That covers the three-year life of the contract, and a two-year maintenance period.
On top of the 100 expected new jobs, WEDC estimates the project could create another 260 jobs in the area. Those 360 jobs could bring in up to $4 million in state income tax revenue over the next five years, according to WEDC.
See the release: http://wisbusiness.com/1008/1_16_19_Promega_expansion.pdf