The Village Board on Monday finalized a development agreement with Wacker-Neuson Corporation that would guarantee the company receives up to $1 million of public funding for an expansion project on its existing facility.
The company is building a 97,000-square-foot along Pilgrim Road. However, during construction they ran into bedrock that complicated the process and required blasting and rock crushing adding costs to the project.
The village to help the company with added costs of their expansion project in August. The village will provide the company with a $500,000 grant to cover a portion of the added labor costs.
The village will also provide an additional six-year $500,000 municipal revenue obligation for future expansion. The company will pay back the principal on the obligation through the increased property tax values generated from the project.
The expansion is expected to add nearly 100 jobs to the community. Work has already began on the site and is expected to be completed within a year.