At its July 5 meeting, the City Council will consider an initial resolution related to the issuance of industrial development revenue bonds (IRB’s) for the financing of a $7.2 million project by Riverside Foods, 2520 Wilson Street.
According to materials submitted on behalf of the company, this project will consist of constructing an approximately 20,000 SF building expansion and installing new machinery and equipment. The company’s employment is expected to grow from 100 to 135 as the result of this expansion.
Riverside Foods, founded in Two Rivers in 1961, has seen continued strong demand for its lines of frozen appetizers, and has been actively adding employees for the past several years. The company makes products for private label distribution, as well as marketing its own Kettle Brau and Trivers brand lines of appetizers.
For more information on this great Two Rivers company, to go www.riversidefoods.com.
The expansion project should get underway either this Fall or next Spring.
In addition to the IRB issue, the City is considering making a vacant, City-owned lot, located at 26th and Wilson Streets, available for Riverside to improve for employee parking. Preliminary plans for that lot show 31 parking spaces.
(IRB’s are a type of private activity financing that allows companies to access tax-exempt borrowing rates, through the issuance of bonds by a local government, community development authority or state development agency. IRB’s must be used for industrial projects; there is a maximum issue size of $10 million.
The City has no obligation for repayment of the IRB’s, and they do not count toward the City’s debt limit. The Federal government sets a cap on the amount of IRB debt that can be issued in each state annually. In Wisconsin, the WI Economic Development Corporation is responsible for allocation of available IRB borrowing capacity.)
Beach Bash this Friday & Saturday at Neshotah Beach
There will be a great variety of music and entertainment, food and drink, plus rides by Tip-Top Shows and fireworks on Saturday night, down at Neshotah Beach this Friday and Saturday.
The 5th Annual Beach Bash is sponsored by Twin Rivers Improvement with proceeds to benefit Two Rivers Youth Sports, Inc.
That not-for-profit group, led by Adam Wachowski, is partnering with the City to raise funds for replacing the lighting system at Vietnam Veterans. Estimated cost for that project is $250,000 to $300,000.
Past Beach Bashes have helped fund field, dugout and scoreboard improvements at the Vietnam diamonds.
Stop on down to Beach Bash this weekend, for a good time in support of a good cause!
Deadline Extended for Responding to Ec Dev Survey
TR residents can still log in and share their views in an on-line survey on economic development issues. Results of this survey will be considered by the City Council, this office, and our consultant team in the process of formulating an Economic Development Strategic Plan for Two Rivers.
To participate, go to www.polco.us, register and start answering questions.
We will keep this on-line survey accessible until at least July 17, to allow more people to share their views. Please log-in and share your opinions!
Two Rivers City Manager Greg Buckley can be contacted by calling 920-793-5532 or by e-mailing email@example.com.