Remember those stories about WEDC giving the lion's share of your money to Walker donors, or to businesses who weren't vetted, sent jobs overseas, or never created them?
Like high-end Kestrel airplanes
to be assembled in a WEDC-funded factory in Superior that was never built.
But did produce work for attorneys:
Like high-end Kestrel airplanes
to be assembled in a WEDC-funded factory in Superior that was never built.
But did produce work for attorneys:
The Wisconsin package for Kestrel included a $2 million loan from WEDC in 2012 and another $2 million federally funded state small business credit incentive loan; Kestrel has repaid approximately $865,500 on the former.
The company also owes the city of Superior $2.2 million and Douglas County $500,000.
The bigger part of the deal was tens of millions of dollars in state-backed tax credits that Kestrel planned to use to leverage private financing, provided on a sliding scale tied to the number of jobs the company created.
Had the Kestrel K-350 actually entered production and the estimated workforce of more than 600 been hired, those could have amounted to close to $20 million in state job-creation tax credits. But Kestrel's payroll never reached one-tenth of that and the actual employment tax credits paid topped out at just over $700,000.
Another part of the deal, for up to $90 million in federal tax credits facilitated by the Wisconsin Housing and Economic Development Authority (WHEDA), collapsed, with Kestrel only receiving about $9 million of those credits.Sorry: that register and pay station is closing. Borrowers are redirected to the private sector.
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