Menomonee Falls is one step closer to welcoming the division headquarters of a global corporation to the village.
The Plan Commission this week gave Eaton Corp. approval to construct a nearly 102,000-square-foot office and research laboratory in the Woodland Prime Office Park along Good Hope Road. The plans need to go before the Architectural Control Board Aug. 22 for a final approval.
However, even with the plan approval, the company and the village are still in talks about financing for the project. , estimated at $15 million, would receive a total of $3 million in public financing. This includes a $500,000 grant from the village and $2.5 million in tax payments over the next 10 years.
Village Planning Technician Matt Dorner said the village and developer are still working on a final development agreement. The agreement would require a public hearing and approval from the Village Board before moving forward.
The new headquarters would employ 195 people, and would be the site for the corporation’s research and development, marketing, finance, human resources and innovation departments.
Eaton Corp. is located within the same tax incremental district that could house the new , if company leaders decide to stay in Falls. Fitzgerald has said a decision will come from the company in fall.
Eaton Corp.in Wauwatosa for its new division headquarters. However, plans fell through after in federal tax credits from the Wisconsin Housing and Economic Development Authority.
Eaton Corp. is an international corporation headquartered in Cleveland that develops and manufactures a wide variety of electrical and power systems for aerospace, automotive and other industries. The Milwaukee division, which would relocate here, is no longer involved in manufacturing. It employs about 145 people in research and development roles.