Story by Jeff Kolkey, Rockford Register Star
Rockford officials are proposing an incentive package to help Slidematic Precision Components expand its operations at 1303 and 1325 Samuelson Road.
Slidematic engineers and manufactures cold-headed fasteners and provides supply-chain management for customers internationally. It is planning a 45,000-square-foot addition to its 190,000-square-foot Samuelson Road operation.
The expansion will include growing its roughly 320-employee workforce by up to 20 workers.
Under terms of a proposed development agreement, Rockford would provide as much as a $500,000 reimbursement for eligible expenses from the Global Trade Park No. 1 Tax Increment Financing District. No money will be paid until a certificate of occupancy is issued.
The city would also make River's Edge Redevelopment Zone benefits available which would allow the business to acquire construction materials sales tax free.
To take advantage of the incentives, the project has to be done with 24 months, under terms of the proposed agreement.
A message was left with Slidematic seeking comment.
Jeff Kolkey writes about government, economic development and other issues for the Rockford Register Star. He can be reached at (815) 987-1374, via email at jkolkey@rrstar.com and on Twitter @jeffkolkey.
This article originally appeared on Rockford Register Star: Rockford proposes giving up to half a million in TIF funding to local manufacturer
