The Appleton Common Council approved an agreement that will lead U.S. Venture, Inc. to relocate its headquarters to downtown Appleton's 222 Building. The company expects to invest about $56 million in the facility, which will see about 640 employees working in the headquarters building following a comprehensive renovation.
"From the very early stages of project conceptualization, the relocation of U.S. Venture headquarters to the 222 Building in downtown Appleton has been a collaborative endeavor with the city of Appleton," said Mercedes Bereza, U.S. Venture spokesperson, in a statement. "The project has benefitted from the shared vision that the revitalization and adaptive reuse of an underutilized historic building in downtown Appleton is an environmentally sustainable choice representing the optimal scenario for our team members, customers, and the community."
To fund the project, U.S. Venture assembled a combination of its own resources, enterprise zone tax credits through the Wisconsin Economic Development Corporation, and tax increment financing from the city of Appleton.
Appleton will provide a $2.1 million TIF incentive, plus interest, on a pay-as-you-go basis. No funds will be disbursed until sufficient property taxes have been collected from the project, protecting taxpayers from liability for incentives, reports insightonbusiness.com.
“Our agreement has been built on collaboration and driven forward by a shared interest in the future of our community as a vibrant place to live and work,” said Appleton Mayor Jake Woodford. “In addition to welcoming a corporate workforce into our downtown, this agreement revitalizes a historic building, advances the College North Neighborhood Plan, and secures new revenue for our parking utility.”