Borrowing of $15 million for purchase and renovation of vacant Printpack building
STAR JOURNAL REPORT
The Wisconsin Board of Commissioners of Public Lands has approved a $15 million State Trust Fund loan to Oneida County to finance the purchase and renovation of the vacant Printpack building in Rhinelander and purchase of the related capital equipment on behalf of Expera Specialty Solutions.
The BCPL’s action Tuesday gives final approval to a resolution backed last month by the Oneida County Board authorizing the county to borrow the money for the purpose of financing a “pass-through loan” to the Northeast Wisconsin Economic Development Corporation.
The resolution signed by county supervisors and forwarded to the BCPL states the loan is payable within seven years from March 15, preceding the date the loan is made. The resolution also calls for the loan to be repaid in annual installments at an annual interest rate of 3 percent from the date of making the loan to the next March 15 and annually thereafter as provided by law.
The NEWEDC, a sister corporation of the Oneida County Economic Development Corporation, has been negotiating to enter into a lease/purchase contract with Rhinelander Coated Products, a business unit of Expera Specialty Solutions, which this summer had been granted a conditional use permit from the city of Rhinelander to increase the roof and stack height of the vacant Printpack building at 114 W. Kemp St., where Expera would have to purchase the property to use the permit.
According to the project description included with Expera’s permit application with the city, the company sought to obtain the vacant Printpack building to have a process line that would operate 24 hours a day, seven days a week, and employ approximately 20 full-time personnel with the existing parking areas, egress and shipping docks being utilized.