The Janesville City Council unanimously approves a deal to throw more support behind the development of a medical isotope manufacturer near the Southern Wisconsin Regional Airport. The council approved an amendment to a 2012 tax increment financing agreement with SHINE Medical Technologies Monday night to provide an extra $1.5 million to add to the facility. With the amendment, the city’s anticipated investment in SHINE’s facility has grown from roughly five, 6.5 million dollars.
Economic Development Director Gale Price says the project is expected to be worth $180 million. As part of the deal, SHINE doubled the guaranteed assessed value of the final facility from $25 million to $50 million. Price says SHINE also guaranteed 125 jobs will be created within five years of the beginning of production. SHINE came back to the city after announcing plans to build a prototype facility to bolster investment in the main manufacturing operation.
