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Subject: (Direct Referral) Application of Pinnacle Precision Technologies, Inc., 2607 Eaton Lane, Racine, Wisconsin for participation in the State of Wisconsin Community Development Zone Program. (Res. 08-0945)
In accordance with the procedures adopted by the Common Council as item 29(2) of June 3, 1997, the Racine County Economic Development Corporation and the Department of City Development have reviewed the application of Pinnacle Precision Technologies, Inc.
Recommendation of the Department of City Development on July 3, 2008: That Pinnacle Precision Technologies, Inc. be recommended for certification as eligible to participate in the Wisconsin Community Development Zone Program and that Pinnacle Precision Technologies, Inc. be recommended for certification for State of Wisconsin tax credits under the Wisconsin Community Development Zone Program
Fiscal Note: Participation in the program is tied to increase in employment. The company is anticipating adding 22 jobs over the next 3 years. The assistance is in the form of Wisconsin corporate tax credits. There is no cost to the City of Racine.