Shorewood — A software firm will be receiving $200,000 from the Shorewood Village Board for improvements needed to turn their leased office space into a home of their own.
Northwoods Software has been leasing the first two floors of the former Catholic Family Life Insurance building at 1572 E. Capitol Dr. since May 2013. The life insurance business vacated the property in 2011. The assessed value of the building has dropped from $4.3 million to $2.5 million over the last four years.
The Wisconsin Economic Development Corporation has entered into an agreement with Shorewood to provide $200,000 for building improvements, with the condition that the village provides a $200,000 loan. The Shorewood Village Board unanimously authorized that loan Monday, July 7.
The public funding would go toward improving a new fire alarm system, installing efficiency lighting, a HVAC system, replacing fire doors and other energy efficiency improvements in the 50,000-square-foot building. Village officials hope the building improvements will attract other businesses, or possibly a start-up incubator, on the third and fourth floors, which have been vacant for three to four years.
The building owners are offering the building to Northwoods on a $2 million land contract to be paid on a seven-year term. The company currently employs 32 people with an average salary of $80,000. The company hopes to add more employees in the future.
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