Wells Celebrates New Facility With Ribbon Cutting
Wells Vehicle Electronics celebrated its new 100,000 square foot facility on West Rolling Meadows Drive with a ribbon-cutting ceremony Thursday morning. The $7.1 million project included a $500,000 forgivable loan from Fond du Lac County and the Fond du Lac County Economic Development Corporation, a $1 million Tax Incremental Financing district created by the city and a $1.25 million in tax credits from the state.
Fond du Lac Community Development Director Wayne Rollin credited the City Council for their foresight on the project. FCEDC President Steve Jenkins says the project meant retaining 214 jobs and creating 73 more, but it has a spin off impact on the community creating 500 jobs total and over $29.9 million a year in earnings. Wells President Dave Peace says their expansion allows them to do business with two of Wisconsin’s landmark companies Mercury Marine and Harley Davidson.
Governor Scott Walker says the tax credits the state gave the company for the project is an investment in what they create. The company has already filled 39 of the 73 jobs it wanted to create through the expansion.