Milwaukee’s plan to bring Talgo Inc. and Ingeteam Inc. into the city took its first step forward Thursday.
The Redevelopment Authority of the City of Milwaukee on Thursday unanimously endorsed a lease agreement with Talgo and the plan to sell land to Ingeteam. The companies both plan to move new manufacturing plants into the city, creating a combined 400 jobs.
The city is proposing to lease 14.8 acres to Talgo in the former Tower Automotive property so the Spanish company can build high-speed trains in Milwaukee. Under the four-year lease, the company will pay $346,050 a year to lease 133,610 square feet of building space. The company plans to create at least 125 jobs.
The city’s redevelopment authority would renovate the building by July. The estimated $6 million project will include the entire 300,000-square-foot building, giving Talgo or other companies the opportunity to lease the additional building space.
The city will request bids for the building renovation project on March 26.
The redevelopment authority also endorsed Ingeteam’s plan to build a U.S. corporate office and manufacturing facility on an 8.1-acre site in the Menomonee Valley Industrial Center. The authority also endorsed giving Ingeteam a $2 million forgivable 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 Milwaukee Common Council’s Zoning, Neighborhoods and Development Committee will consider both projects on Friday.