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Report: Eaton Corp. May Move Headquarters to Menomonee Falls

International manufacturer of electrical and power systems targets village after plans in Wauwastosa fell apart.

Eaton Corp., an international manufacturer of electrical and power systems, may move its division headquarters to Menomonee Falls after plans to build in Wauwatosa fell through.

According to Tom Daykin of the Journal Sentinel, developer Doug Weas has submitted plans to construct a building just under 81,500 square feet in the Woodland Prime business park north of Good Hope Road and east of Flint Drive.

According to Daykin's story, the building would have a price tag of $15 million. Village Manager Mark Fitzgerald said the project would receive about $3 million in public financing if approved by the Village Board. The Plan Commission will take its first look at the proposal Aug. 9.

In the story, Fitzgerald said the village would provide a $500,000 grant and $2.5 million in property tax payments would be returned to Eaton over 10 years. He said the company would employ about 190 people at its proposed location.

Eaton 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 is no longer involved in manufacturing; it employs about 145 people in research and development roles.

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.

WHEDA is one of three organizations that together make up the Wisconsin Community Development Legacy Fund, a community development entity (CDE) that allocates the federal New Market Tax Credits intended to spur investment and growth in low-income census tracts. The other two organizations that make up the non-profit fund along with WHEDA are Legacy Bankcorp and Impact 7.

NMTC grants are a financing tool that can generate net equity of up to 10 percent or more of a project cost, and also can be used to leverage low-interest loans.

Although the Eaton project proposed for the Milwaukee County Research Park fell within a low-income census tract, it did not meet the Wisconsin fund's more stringent standards to more directly benefit the low-income community, Farshad Maltes, WHEDA's economic development director said in April.

Nate July 07, 2011 at 03:48 PM
At least we managed to be a second choice.
Betty July 08, 2011 at 02:36 PM
What this article leaves out is that it was Mayor Tom Barrett of Milwaukee who made sure the federal tax credits would not apply to this project in Tosa. Barrett was apparently miffed that Eaton was leaving Milwaukee. Well, thanks a lot Mr. Mayor, not only did you guaranty that Tosa would not get the new development, but you drove them right out of the County! Nice going - I can see why with leadership like that, Milwaukee is booming! It would be interesting to know if Mayor Barrett and the City of Milwaukee used federal tax credits to prusuade Manpower to move there from Glendale?
Dick at SCORE July 08, 2011 at 09:16 PM
"Second choice" is also defined as "loser".
Dick at SCORE July 08, 2011 at 09:34 PM
This is unverified, but I just heard on the radio that the culprit was U.S. Rep. Gwen Moore, who queered the tax credits. I hope Mr. Price will follow up and smoke this one out; I don't expect that kind of flagrant act of journalism from the Sentinel-Journal.

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