Wisconsin Gov. Scott Walker today announced that Kestrel Aircraft Corp. will establish its manufacturing and headquarters in Superior, creating what the Walker administration claims will be up to 600 new jobs.
Two state agencies, the Wisconsin Economic Development Corp. and the Wisconsin Housing and Economic Develop Authority, partnered with local officials to bring Kestrell’s expansion to Superior. Kestrel Aircraft, which is headquartered in Brunswick, Maine and has an office in Duluth, Minn., will build the next generation of commercial aircraft here.
The WEDC will create an Enterprise Zone in Superior to provide $18 million in tax credits to Kestrel Aircraft. In addition, WEDC will provide a $2 million loan and is working with WHEDA to secure a $2 million State Small Business Credit Initiative program loan. The repayment of the WEDC loan and eligibility of tax credits are based on the capital investment, worker training, and job creation by the company.
“I am pleased with the aggressive package we have put forth in conjunction with strong local support to make this major job creation contribution to Superior,” Walker said in a press release. “This relocation will be a huge boost to the Superior-area economy.”
WHEDA has committed to work with Kestrel to obtain a $30 million allocation of New Markets Tax Credits (NMTC) for the Superior project. The tax credits are provided as part of a U.S. Department of the Treasury program that assists businesses that locate and grow in qualified low-income areas.
