SHINE Medical Technologies, Inc. (SHINE), a Wisconsin-based company dedicated to being the world leader in the safe, clean, affordable production of medical isotopes, announced today that the City of Janesville (the City) has officially transferred a 91-acre parcel on the south side of Janesville to the company. The transfer is part of a tax increment financing (TIF) deal between SHINE and the City. The land will soon be home to SHINE’s U.S. medical isotope production facility.
The land transfer comes after SHINE met several conditions set by the City, including approval of the necessary construction permits from the City, State, and the U.S. Nuclear Regulatory Commission (NRC), as well a financial audit providing proof of financial viability through construction of the facility.
“This transfer represents the next step toward production of life-saving medical isotopes, and I am grateful to the entire Janesville community for their early support and belief in SHINE,” said Greg Piefer, founder and CEO of SHINE. “We are thrilled to take ownership of the SHINE site and begin construction.”
SHINE plans to break ground in early May.
“The City of Janesville is excited about the recent land transfer to SHINE. We have all been anticipating this part of the process and look forward to SHINE’s continuing growth. Their upcoming groundbreaking ceremony will represent years of work and partnership between the company, the City of Janesville, and the community. Congratulations, SHINE!” said Mark Freitag, Janesville City Manager.
Gale Price, Janesville Economic Development Director, added “This is an exciting partnership between SHINE and the City of Janesville, and we are delighted that Greg and the SHINE team continue to advance this project to fruition. With construction of this state-of-the-art isotope production facility, SHINE will allow Janesville to be the hub of production for many lifesaving medical treatments in the near future.”
The deed signing took place March 29th at City Hall, with members of City Council and the SHINE construction project team present.
