The Mankato City Council held a discussion on passing a resolution of the Economic Development Authority meeting. Volk Investments is looking to build 19,000 square foot expansion to the existing facility that was built in 2011.
Developer David Schoof says, "Taxes are collected and reused because we need soil corrections for this area. The building was built in a very difficult are so these funds will help alleviate those costs."
We reported about a month ago how Imperial Plastics is looking to invest in a new plant in Mankato. The makers of the high-end plastic facility would employ over 50 employees initially and would expand to over 100 in the future. City officials say there's about $250,000 of infrastructure cost that are eligible for TIF. The funds would help build the significant infrastructure for the plastic and molding company.
President and owner of Imperial Plastics, Norman Oberto says, "It won't cover nearly all the capital improvement but it will certainly help and so the combination of TIF as well as the low interest loan just helps us fund the project."
Both projects are projecting they will break ground in April. Imperial Plastics is estimating it take six months for completion.