|
Through independent projects and partnerships with local governments, the IDC works to attract and retain businesses in Ladysmith.
The Ladysmith Community Industrial Development Corporation (IDC) was organized in 1958. The Corporation sold stock to local businesspeople and interested citizens and, in the almost 40 years since, has had a big impact on economic development in Ladysmith and throughout Rusk County.
Today, the IDC partners with local governments to carry out projects, or undertakes projects of its own.
For more information call Al Christianson at 715/532-2600.
EXAMPLES OF IDC PROJECTS
IDC Building
In the mid-1980s space was not readily available locally for startup operations. To address this need IDC borrowed for and constructed a 4,000 sq. ft. manufacturing building, which it divided into 1,600 sq. ft. and 2,400 sq. ft. sections. The Canadian National railroad leases the smaller of these two spaces and, until very recently, the other was leased by Flambeau Door Co. Last year IDC was able to pay off its loan on this building .
Pass Through Borrowing
In 1999 the City of Ladysmith desired to significantly enlarge and air condition manufacturing facilities it leased to Rockwell Automation, then Allen-Bradley. Due to previous investments in some very aggressive economic development efforts at that time, however, the City was unable to borrow the needed monies. In stepped IDC ,which took assignment of the City’s lease from Rockwell and borrowed against it to finance the project. All went as planned and borrowing of nearly one million dollars for that project should be repaid in 2007.
back to top
Norse Building Systems
In 1996 the City of Ladysmith, Rusk County and Town of Grant were putting together a project to attract a new manufacturing startup, Norse Building Systems, to the locale. The City owned a 20,000 sq. ft. starter building proposed to be significantly expanded and sold to Norse as the centerpiece of the project. The City lacked cash or borrowing ability to partner with the County and Town to construct the addition to the desired size. The IDC was then asked to partner in by borrowing $340,000 privately to acquire the starter building from the City and selling it to Norse on a land contract. Proceeds from sale of the starter building then enabled the City to help finance the addition. The total real estate package assembled was about $2,250,000, including $750,000 of mining grant funds. The expanded plant has 74,000 sq. ft. of main floor space, plus a 14,000 sq. ft. mezzanine. About 100 workers are employed and Norse is now contemplating another small expansion.
back to top
Mine Building Reuse
As the Flambeau Mine operations wound down the IDC saw an opportunity to reuse the mine’s industrial facilities. The IDC and City of Ladysmith were each awarded $100,000 of mining grant monies to go along with a comparable amount of borrowed funds to make adaptive reuse of the mine buildings and rail spur. Flambeau Mining’s parent, Kennecott Minerals, leased the facilities to IDC on favorable terms to enable reuse.
The mine administration building was refitted for use as a general office building. The timing was excellent as Wisconsin was converting many of its DNR ranger stations into a smaller number of strategically located service centers. The IDC worked out a “rolling” sublease with the WI Dept. of Administration to locate one of these centers at this site. This rolling lease is a 5 year initial lease with four 5 year renewal options. DNR is presently in its second 5 year term.
IDC leased part of the former mine water treatment plant to DNR for use as a vehicle garage. IDC leased the balance of the plant to the City. By prior arrangement the City, in turn, subleased the space to Xcel Energy to house its area line maintenance operations. Also by prior arrangement, space Xcel moved out of elsewhere in Ladysmith was converted to commercial use. Today the latter is occupied by the Flambeau Physical Therapy and by Dollar General.
A second vehicle storage garage was later added immediately behind the administration building to meet DNR’s need.
back to top
LADYSMITH DEVELOPMENT CORPORATION MEMBERS:
Alan Christianson
Nicholas Clay
Dewey Floberg
Dan Gudis
Bob Hansen
Elroy Ludvik
Ron Moore
Chrysa Ostenso
Wayne Stoll
Eric Rogness
Don Rubow
Jim Weisenberger
back to top
|
