APPLETON (NBC 26) — The Appleton Common Council agreed to a development agreement with U.S. Venture, Inc. to move the company’s headquarters to downtown Appleton. The agreement was the final step in U.S. Venture’s preparations to move to the 222 Building.
U.S. Venture is planning to employ more than 600 employees to work in the new headquarters building following the completion of a full renovation.
They plan to invest $56 million in the facility and occupy all ten floors.
Funding for the project is coming from a variety of U.S Ventures' resources, enterprise zone tax credits through the Wisconsin Economic Development Corporation, and tax increment financing (TIF) from the City of Appleton.
With the agreement, the City of Appleton will provide a TIF incentive to U.S. Venture of approximately $2.1 million, plus interest. This means that no funds will be disbursed until sufficient property taxes have been collected from the project, protecting taxpayers from liability for incentives.
U.S. Venture has agreed to purchase up to 650 permits through the City’s Parking Utility, and the City has agreed to guarantee the availability of those permits to the company as long as they fit with the agreement terms.
“Our agreement has been built on collaboration and driven forward by a shared interest in the future of our community as a vibrant place to live and work,” said Appleton Mayor Jake Woodford. “In addition to welcoming a corporate workforce into our downtown, this agreement revitalizes a historic building, advances the College North Neighborhood Plan, and secures new revenue for our Parking Utility.”
According to the press release, more details about the agreement will be revealed in the coming weeks.
