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Home / Commercial Construction / Milwaukee to consider forgivable $2 million Ingeteam loan

Milwaukee to consider forgivable $2 million Ingeteam loan

Ingeteam, a Spanish company that manufactures equipment to generate wind energy, could buy 8.1 acres in the Menomonee Valley Industrial Center. (Rendering courtesy of Ingeteam)

Ingeteam, a Spanish company that manufactures equipment to generate wind energy, could buy 8.1 acres in the Menomonee Valley Industrial Center. (Rendering courtesy of Ingeteam)

By Sean Ryan

The city of Milwaukee is proposing giving a $2 million forgivable loan to support development of an estimated $17.5 million Ingeteam wind turbine manufacturing plant.

Ingeteam, a Spanish company that manufactures equipment to generate wind energy, in February announced plans to build a new facility in Milwaukee. The company would pay $972,000 to buy 8.1 acres in the Menomonee Valley Industrial Center from the city for the project.

The company is also requesting a $2 million loan from the tax incremental financing district the city created to spur development in the Menomonee Valley Industrial Center.

The company would not have to repay the loan if it generates at least 275 new jobs in the manufacturing plant by 2015.

The Redevelopment Authority of the City of Milwaukee on Thursday will consider the loan for the project and the proposed land deal.

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