Kestrel Aircraft Puts Plant, HQ in Wisconsin, Adding 600 Jobs
“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,” said Governor Walker. “This relocation will be a huge boost to the Superior-area economy.”
Two state agencies, the Wisconsin Economic Development Corporation and the Wisconsin Housing and Economic Develop Authority, partnered with local officials to bring Kestrell’s expansion to Superior.
“This combined effort by Wisconsin Economic Development Corporation, Wisconsin Housing Economic Development Authority, the city and county shows how serious we are about Wisconsin’s commitment to supporting business development and the creation of good paying jobs,” said Paul Jadin, CEO of the WEDC.
The WEDC will create an Enterprise Zone in Superior to provide $18 million in tax credits to Kestrel Aircraft Corporation. WEDC will provide a $2 million loan and is working with the Wisconsin Housing and Economic Development Authority (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.
WHEDA has committed to work with Kestrel to obtain a $30 million allocation of New Markets Tax Credits (NMTC) for the Superior project. NMTC is a U.S. Department of the Treasury program that assists businesses that locate and grow in qualified low-income areas.
“I am pleased that WHEDA is partnering with local officials and WEDC to use our new economic development tools including SSBCI,” said Wyman Winston, WHEDA Executive Director. “It is a testament to the people of Superior that Kestrel Aircraft is committed to build the next generation of commercial aircraft utilizing the know-how and talent available in the state of Wisconsin.”