Triple Crown Products sizes up Mukwonago’s new business park
Watertown company proposes $4.5 million facility

By Brandon Anderegg

July 10, 2018

 Triple Crown Products is proposing a $4.5 million facility in Mukwonago’s new industrial park.
Submitted rendering

MUKWONAGO — Triple Crown Products of Waterford Wisconsin could be the second tenant in Mukwonago’s new industrial park after the company submitted a proposal to plan commissioners to construct a $4.5 million facility, said John Weidl, village administrator and economic director.

Triple Crown Products specializes in graphic design, custom made apparel and brand logo decoration, according to the Triple Crown Products website. The company contracted Briohn Building Corporation to construct a 66,000 square foot industrial building on an approximately 7-acre parcel just south of the Boxhorn Drive and Highway 83 intersection, according to a submitted plan of operation. Triple Crown Products also indicated they may expand their operation with a 35,200 square foot addition in the future.

Between industrial park tenant Bankerwire and Triple Crown Products, a total of 22-acres of the 90 developable acres in the industrial park have been accounted for since the park was established earlier this year, Weidl said.

“You’re looking at $13 million in new development in our industrial park which just started four months ago,” Weidl said. “We’re pleased with the direction it’s going and pleased with the speed at which the private sector is catching on with what we’re doing.”

But the plan commission and the village board will have to approve the project before any contracts are solidified. Still, Weidl is optimistic that Mukwonago has gained the attention of the private sector, adding that he expects to find more tenants by the end of the year.

“The demand we thought was there is there and, quite honestly, I expect to land two more developments by the end of next year,” Weidl said. “We started without having a bird in the hand, so it was a calculated risk taken by the village board and the taxpayers and I think it’s paying off.”

When Mukwonago purchased the 115-acre industrial park for $3.28 million, a tax incremental finance district was created to fund the project. Tax incremental financing allows municipalities to funnel tax money into improvements within a geographic district. After a TIF district is created, a portion of the property taxes generated on new developments within the district, called “increment,” goes into a pot that can be used to pay for improvements, like environmental cleanups, road construction, demolition projects and in some cases, financing and incentives to attract or fund private development.

For taxpayers, the Bankerwire and Triple Crown developments would generate $242,500 in tax revenue per year for a total of $4 million over the 16-year life span of the TIF.

“This is a business proposition and taxpayers have undertaken the debt to finance the purchase of the property and the infrastructure,” Weidl said. “Now we’re responsible for getting the businesses in there that are going to pay that back.”

Triple Crown Products did not reply to a request for comment.