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United States : ST. FRANCIS BREWING CO. faces a $1.7 million gap as it plans for a new brewery and banquet hall

July 17, 2014

St. Francis Brewing Co. is facing a $1.7 million gap in its financing plan for a new brewery and banquet hall. The city could provide money through a tax incremental financing district, with property taxes on the new $8.7 million development paying back those city funds.

The city authorizes a revenue bond sale to help finance the new brewery's equipment. The company's lender would accept a lower interest rate from St. Francis Brewing and would be exempt from federal and state income taxes.

The board entered closed session to discuss negotiations with the company, which is allowed under the state open meetings law.

St. Francis Brewing opened in 2009 as a brewpub. The company wants to build the new 20,000 sq ft brewery it owns to meet the demand for beer, which it sells in liquor stores, supermarkets and other retail outlets.

St. Francis Brewing has contracts with Sand Creek Brewing Co. in Black River Falls to brew and bottle its brands.

St. Francis Brewing has 55 to 60 employees and plans to add 45 to 60 jobs if it expands. Most of those new jobs would be in the banquet hall, which would seat about 230 people.

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Source: TendersInfo (India)

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