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Stevens Point makes additional loan to new business

by
Stevens Point Mayor Andrew Halverson
Stevens Point Mayor Andrew Halverson

STEVENS POINT, Wis. (WSAU) -- The harsh winter has added unplanned expense to a new Stevens Point business development. Service Cold Storage is presently building a new cold food storage and distribution center in Stevens Point’s East Park Commerce Center. They broke ground in October, but the weather has been anything but favorable for completing the structure on time and on budget.

Mayor Andrew Halverson says the city is stepping up with an interest free loan to help. “What we’re authorized (to do) now, is to move forward with a $200,000 zero percent interest loan for a period of five years, lump sum payment at the end that period of time, for the added winter costs that they have obviously experienced.”

Service Cold Storage construction started late in the fall after working with the city to change building sites. “The philosophical agreement that we had with them, and the developer’s agreement that we had in the first place, was to move them off the (originally chosen) site to allow for the Skyward project to move forward. They did that, but they knew there was going to be added winter costs, without having one of the worst winters in the last 30-to-40 years. This was an effort for us to live up to our end of the bargain and make sure we’re working with them as best we can.”

When finished, the 14.5 million dollar facility will bring additional commerce and jobs.

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