Triple Crown Products is proposing a $4.5 million
facility in Mukwonago’s new industrial park.
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
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.
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,
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.”
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.
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.”
Products did not reply to a request for comment.