Village Authorizes $10,000,000 in Industrial Revenue Bonds for EMCO Chemical Distributors
In early February, the Village Board announced their intention to assist EMCO Chemical Distributors, Inc. with securing $10,000,000 in financing for the purchase and customization of the former Hexion Specialty Chemicals property at 8601 95th Street. EMCO, headquartered out of North Chicago, Illinois, has plans to distribute and blend specialty chemicals from the Pleasant Prairie location. EMCO will purchase the property and tailor the facility to meet their specific business needs. EMCO will employ roughly 100 full-time positions at the Pleasant Prairie location. Approximately 90 of the 100 jobs will transfer from their current location in North Chicago, Illinois.
To assist with the project, the Village plans to authorize EMCO to issue $10,000,000 in tax-exempt Industrial Development Revenue Bonds. "The Village will authorize the tax exempt status, but EMCO will issue the bonds and retain all financial responsibility for the repayment of the funds," explained Village President John Steinbrink Sr. Through the Village authorization, EMCO will be able to take advantage of a tax-exempt status for repayment of the debt. The project itself, however, will remain subject to property tax payments.
"We are pleased to welcome EMCO to Pleasant Prairie," added Steinbrink. "Welcoming EMCO as a new corporate citizen in our business park is a plus all the way around. We are able to increase the level of available employment for families in the community while offering EMCO a first class location with access to all of the amenities that can help contribute to the continued success of their business." The Village Plan Commission approved a Conditional Use Permit including Site and Operational Plans related to the project during a meeting in mid-December 2009. During that meeting, EMCO President Edward Polen identified some of his larger customers as Rust-Oleum, EXXON, Sherwin-Williams, Valspar and others.