Redevelopment Commission Amends Winona PVD
Production in an expanded Winona PVD Coatings LLC is set to be underway by January 2014. The Warsaw Redevelopment Commission was presented with a resolution today amending the company’s original request to utilize $2.2 million in bonds from the city’s Northern Economic Development Area.
When Winona PVD Coatings first approached the city with the request in May 2011, the company planned to add 60 jobs, build a 62,000-square-foot addition onto the current facility at 1180 Polk Dr., Warsaw, and lease an additional 50,000-square-foot facility. New equipment purchases totaling $8.5 million was also part of the company’s plan.
To aid in the project, Winona PVD Coatings was issued the bonds from the city’s Northern Tax Increment Finance District. Money from real and personal property taxes collected through the TIF district are used to make the bond payments.
WRC today approved an amended version of the original resolution. In short, Warsaw Mayor Joe Thallemer said, “The intentions and dollar amounts are the same, the other terms are also identical.”
Randy Rompola of Faegre Baker Daniels LLP noted the resolution was presented to the commission again just to change the time frame. “We’ve just added two years to the terms,” he said. The WRC unanimously approved the amended resolution.
In a final order of business the WRC approved claims for the new city hall including $369 for a clock, $95 for a die-cut logo in the council chambers, $7,519.65 for a ceiling projector and labor in the council chambers, and $6,110 for emergency repair work from a June 29, 2012, storm that caused damages to the outside of the city hall.
The WRC will meet again at noon Monday, March 4, in the council chambers.