The Appleton Common Council approved an agreement that will lead U.S. Venture, Inc. to relocate its headquarters to downtown Appleton.
Completion of the development agreement was the final step in U.S. Venture’s preparations to acquire the 222 Building. The company currently has a headquarters office just off of Highway CE (East College Avenue) in Kimberly.
U.S. Venture spokesperson Mercedes Bereza issued the following statement:
“From the very early stages of project conceptualization, the relocation of U.S. Venture headquarters to the 222 Building in downtown Appleton has been a collaborative endeavor with the city of Appleton,” said Mercedes Bereza, U.S. Venture spokesperson. “The project has benefitted from the shared vision that the revitalization and adaptive reuse of an underutilized historic building in downtown Appleton is an environmentally sustainable choice representing the optimal scenario for our team members, customers, and the community.”
The company expects about 640 employees to work in the headquarters building following completion of a comprehensive renovation. U.S. Venture expects to invest $56 million in the facility and will occupy all 10 floors. To fund the project, the company has assembled a combination of its own resources, enterprise zone tax credits through the Wisconsin Economic Development Corporation, and tax increment financing from the city of Appleton.
Appleton will provide a $2.1 million TIF incentive, plus interest, on a pay-as-you-go basis. No funds will be disbursed until sufficient property taxes have been collected from the project, protecting taxpayers from liability for incentives.
U.S. Venture has agreed to purchase up to 650 permits through the City’s Parking Utility, and the city has agreed to guarantee availability of those permits to the company so long as the terms of the agreement are satisfied. With further development, the company may eventually purchase over 850 permits through the Parking Utility. Additionally, the company has agreed to either market and sell some of the land it will acquire with the building for redevelopment, or to convey portions of the property to the City for redevelopment.
“Our agreement has been built on collaboration and driven forward by a shared interest in the future of our community as a vibrant place to live and work,” said Appleton Mayor Jake Woodford. “In addition to welcoming a corporate workforce into our downtown, this agreement revitalizes a historic building, advances the College North Neighborhood Plan, and secures new revenue for our parking utility.”
