The Stevens Point Finance Committee will consider authorizing a development agreement and Tax Incremental District (TID) grants with the two businesses at its meeting about 6:10 p.m. Monday, June 10.
Wound Zoom is looking to set up shop in the old Journal Printing building on the corner of Hoover and Industrial Park roads, which is in the Tax Incremental District (TID) 8.
The company develops a handheld, low-cost and high-precision measurement device that uses laser mapping to analyze wounds. For example, it would be able to measure how deep a bedsore ran beneath the skin without invasive tests.
Service Cold Storage, based in the Bancroft area, is offering to build a large commercial freezer facility capable of flash freezing and deep freezing materials for storage and warehousing. The planned 160,000 square foot freezer warehouse would be constructed in the newly created TID 9 and be valued at approximately $14.5 million.
The agreement also includes a Tax Incremental Financing (TIF) grant in the amount of $477,916 but the city estimates that, with a required assessed value of no less than $10 million, the Cold Service Storage development would generate about $246,000 in property taxes.
“This is a great first project to boost the new TID 9,” said Michael Ostrowski, community development director for Portage County, “and is a great investment for the community as we develop the business park.”
The Wound Zoom agreement includes a $40,000 TIF grant. If accepted the city would require Wound Zoom to provide no less than 40 full-time jobs, paying at minimum of 150 percent of federal minimum wage within the first three years of operation.
While not part of the agreement, Service Cold Storage would bring about 35 jobs to Stevens Point.
Ostrowski said the two businesses are both wonderful ways to bring jobs to the community, especially the higher-tech jobs that have room to expand and grow.