Milwaukee OKs plans for Komatsu’s waterfront headquarters
$285 million project should create 1,300 jobs.
With the Milwaukee Common Council’s approval on Tuesday, Komatsu Mining Corp. is planning to have a design team and general contractor selected for its waterfront-headquarters project by the first quarter of 2019.
Should all go as planned, work on the $285 million project would begin later that same year.
Komatsu officials have been talking for months about plans to move their headquarters from its current site in West Milwaukee to the former Solvay Coke site near Milwaukee’s lakefront. In return, the company stands to receive as much as $40 million worth of tax incentives, money the company has said could support the creation of 1,300 jobs.
The earliest the company could begin collecting that money is 2021, when it plans to move 600 employees into the new headquarters. If Komatsu eventually reaches its goal of employing 1,300 people, it stands to receive $25 million worth of direct incentives.
On top of that, city officials plan to spend $15 million to build a riverwalk around the property. The Wisconsin Economic Development Corp. has also committed to contributing as much as $59.5 million to the Komatsu project.
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Source: www.dailyreporter.com
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