Waunakee’s Joint Review Board recently approved a request to amend Tax Incremental District (TID) No. 9 to include a parcel owned by a biotech company seeking to build a histology laboratory in the Waunakee business park, according to the Waunakee Tribune. The company, Newcomer Supply, is owned by Michael and Sam Welch. They plan for the lab to cover 34,500 square feet, with room for expansion, and allow the addition of up to 100 new employees over time.
The Welches purchased the property prior to the COVID-19 pandemic and have since sought TIF assistance to contend with rising construction costs. Newcomer Supply will now be included in TID No. 9, which currently includes Octopi Brewing. The amendment tacks on $2.2 million to existing project costs of $3.1 million within the district; Newcomer is seeking $1.9 million, and the remainder is expected to be used for an intersection improvement at Hwy. 19 and Hogan Road.
The new construction has an anticipated value of $10 million, in addition to a projected $20.5 million from Octopi expansion projects.
