Winona: Tax breaks for WinCraft expansion, land sold to Fastenal


(5/14/2021)

by ZACH KAYSER

 

Money and land are about to change hands following a city of Winona Port Authority meeting Thursday. 

The Port Authority Commission voted to sell to Fastenal a small tract of land near the new interstate bridge over the Mississippi. 

The Port Authority also approved a step in the process of giving tax increment financing (TIF), tax breaks for a 120,000-square-foot expansion project at the WinCraft manufacturing plant in Winona’s industrial park. 

The Port Authority unanimously approved the creation of a TIF district for WinCraft, with the goal of creating at least 15 new jobs that pay $15.50 per hour within two years of the project being completed. According to the draft TIF agreement drawn up by municipal advisor firm Baker Tilly, the market value of the property on which the development will take place will increase more than $7.7 million as a result. According to the draft, the total public cost of the TIF district will be more than $1.16 million. Previously, officials approved $770,000 in tax breaks for a separate TIF plan. 

The Port Authority promised more information at a special meeting Monday at 5 p.m.

The Winona City Council will hold a public hearing regarding the possible TIF district during its meeting starting 6:30 p.m. on Monday. Participants can attend via Zoom at https://us02web.zoom.us/j/896465916pwd=U1dkNzl4RElVaFZYN0lVMGQrWGpOZz09. The password is 207207. Participants can also join via telephone at 1-312-626-6799. The meeting ID is 896 465 916.

 

Port approves selling bridge land to Fastenal

There were no speakers at a public hearing Thursday for the land sale. Winona Economic Development Director Lucy McMartin said the city paid about $30,000 for an 8,000-square-foot parcel, which stands amid an entire block of former bridge land now owned by Fastenal. The company is building a new office building nearby. The vote Thursday authorized drafting a purchase agreement to sell the land to Fastenal, which will turn the area into a parking lot, McMartin said. 

The Port will sell the parcel to Fastenal for $30,000, with no markup. 

The vote was unanimously in favor, with the exception of Port Authority Commission member Dana Johnson, who also is a vice president at Fastenal and abstained from the vote. 

Local@winonapost.com 

 

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