News/PROneida County and the city of Rhinelander to consider loan to economic development corporations
August 23, 2016
The much talked-about former Printpack building in Rhinelander is perhaps one step closer to being occupied. The Oneida County Board of Supervisors and city of Rhinelander have been requested to consider lending $15 million to the Northeast Wisconsin Development Corporation (NEWEDC) for an economic development project. NEWEDC is negotiating to enter into a lease/purchase contract with Rhinelander Coated Products (RCP). According to company spokesperson, Addie Teeters, RCP is a business unit of Expera Specialty Solutions.
Under the agreement, NEWEDC would purchase the former Printpack facility on Kemp Street, renovate the building to fit the potential new use and purchase the equipment utilized in the RCP manufacturing process. The lease term is for a 6 1/2 year period.
“Rhinelander Coated Products has identified a major growth opportunity for the business that is time critical,” explained Addie Teeters, company spokesperson. “The company appreciates the innovative solution proposed by NEWEDC/OCEDC and we wish to expand in Rhinelander. We feel this will create long-term economic improvement for the area.”
Expera Specialty Solutions Rhinelander mill manager Jeff Verdoorn speaks at Tuesday's Rhinelander Planning Commission meeting to request a conditional use permit for the company to modify the vacant Printpack building on Kemp Street. Photo by Kevin Boneske
Previously, Expera Specialty Solutions Rhinelander mill manager, Jeff Verdoorn was granted a conditional use permit from the city of Rhinelander to increase the height of the former Printpack building at 114 W. Kemp St., where Expera would have to purchase the property to use the permit. At the time, Verdoorn told the city Planning Commission that Expera is out of space at its existing Rhinelander facility to be able to do “more of the same” with the process equipment it currently has in place.
The source of the borrowing by Oneida County and the City of Rhinelander would be the State of Wisconsin Board of Commissioners of Public Lands State Trust Fund, a component of which is designed to spur economic development.
NEWEDC, a sister corporation of the Oneida County Economic Development Corporation, Oneida County and the City of Rhinelander have previously entered into similar load agreements, in 2007, with Advanced Barrier Extrusions (ABX) and in 2010 for the Spee-Dee Delivery Services facility located at the Rhinelander/Oneida County Airport.
The NEWEDC, Oneida County and City of Rhinelander have not reached an agreement on the possible loan. Further deliberation is ongoing in an effort to expeditiously address the RCP time sensitive opportunity.
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