Governor Doyle Announces Industrial Revenue Bond Allocation in West Allis

For Immediate Release: November 12, 2008
Contact: Tony Hozeny, Department of Commerce, 608-267-9661

Project to Create 17 Jobs

MADISON - Governor Jim Doyle today announced a $10 million Industrial Revenue Bond allocation for Cleveland Gear Company, Inc. in West Allis.

"Facing the current economic situation, it's important we continue to invest in companies like Cleveland Gear that are creating good, family-supporting jobs for our citizens," Governor Doyle said. "I am pleased to help Cleveland Gear Company with an expansion project that brings jobs and investment to the area."

Cleveland Gear Company, Inc., founded in 1912 and based in Milwaukee County, designs and manufactures custom-made assembly equipment at its Milwaukee Machine Works facility. The company plans to use the funds to purchase land and a facility, make improvements to the facility, and acquire equipment. The project will create 17 jobs. Total project cost is $14.3 million.

Industrial Revenue Bonds are bonds free of federal tax issued by local governments, and the proceeds are loaned to new or expanding businesses for development projects. The interest rate is generally below the going prime rate.

For more information on Commerce programs and services, contact the Commerce area development manager at http://commerce.wi.gov/BD/BD-AreaDevManagers.html.

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