F.I.R.E.

News

U.S. Treasury awards First-ring Industrial Redevelopment Enterprise, Inc. (FIRE) $35 million in New Markets Tax Credits

West Allis, Wisconsin (November 7, 2022) — First-ring Industrial Redevelopment Enterprise, Inc. (FIRE), announced today that it was chosen by the CDFI Fund of U.S. Department of Treasury to receive a $35 million-dollar New Markets Tax Credit (NMTC) allocation. The allocation will allow FIRE to provide subordinated gap financing to business and non-profits in this time of increasing interest rates and the challenging impacts of rising construction costs. FIRE was selected through an annual competitive process by the United States Treasury’s Community Development Financial Institutions (CDFI)Funds.

U.S. Department of Treasury awards $15 million in New Markets Tax Credit (NMTC) to First-Ring Industrial Redevelopment Enterprise, Inc. (FIRE)

West Allis, Wisconsin (May 23, 2019) — First-Ring Industrial Redevelopment Enterprise, Inc. (FIRE), an affiliated entity of the City of West Allis, announced today that it was chosen by the CDFI Fund of U.S. Department of Treasury to receive a $15 million dollar New Markets Tax Credit (NMTC) allocation in the 15th round of the program.

U.S. Department of Treasury awards $35 million in New Markets Tax Credits (NMTC) to First-Ring Industrial Redevelopment Enterprise, Inc. (FIRE)

West Allis, Wisconsin (February 13, 2018) - First-Ring Industrial Redevelopment Enterprise, Inc. (FIRE), an affiliated entity of the City of West Allis, announced today that it was chosen by the CDFI Fund of U.S. Department of Treasury to receive a $35 million dollar New Markets Tax Credit (NMTC) allocation in the 14th round of the program.

First-ring Industrial Redevelopment Enterprise provides $10 million in New Markets Tax Credit allocation to Tramont Manufacturing

West Allis, Wisconsin (December 23, 2016) - First-ring Industrial Redevelopment Enterprise, Inc. (FIRE), an affiliated entity of the City of West Allis, announced today that it has funded $10 million in New Markets Tax Credit (NMTC) allocation to support working capital for the continued growth and expansion of Tramont Manufacturing of Milwaukee at a below market interest rate of 1.27%.

U.S. Department of Treasury awards $35 million in New Markets Tax Credits (NMTC) to First-ring Industrial Redevelopment Enterprise, Inc. (FIRE)

West Allis, Wisconsin (June 15, 2015) First-ring Industrial Redevelopment Enterprise, Inc. (FIRE), an affiliated entity of the City of West Allis, announced today that it was chosen by the CDFI Fund of U.S. Department of Treasury to receive a $35 million dollar New Markets Tax Credit (NMTC) allocation.

U.S. Bank Closes on Nearly $2 Million to Build 100-Room Hotel

U.S. Bank and First-Ring Industrial Redevelopment Enterprise Inc. closed on nearly $2 million in financing to help build West Allis first hotel, which will serve the Wisconsin State Fair and spark economic development nearby. For a decade, West Allis officials have sought a hotel to serve fairgoers, attract meetings and, it is hoped, a convention center. This project fulfills that hope as part of the city s long-term development initiative to spark more retail, restaurant and other businesses.

West Allis Hotel Project Secures $13.3 Million in Financing

West Allis, WI - Mayor Dan Devine of the City of West Allis and John F. Stibal, President of First-Ring Industrial Redevelopment Enterprise Inc. (FIRE) are pleased to announce the closing of financing for construction of a $13.3 million development project at S. 82 and W. Greenfield Avenue. The financing was secured by Waterpark Ventures Management Services, LLC including financing from Tri City Bank, U. S. Bank Corp., First Pathways, FIRE, and the City of West Allis for the construction of a 101-room Hampton Inn & Suites with a 9,200 sq. ft. banquet facility

$14 Million Industrial Project Proposed in West Allis

The City of West Allis Plan Commission will be meeting on August 13, 2014 to review proposed plans from Wangard Partners, Inc. for a $14-million development on the former Yellow Freight Truck terminal sites located at located at 11525 and 11406 W. Roger St. The proposal includes a 72,000 square foot building for an undisclosed tenant and a 50,000 square foot flex space industrial building that will be built on “spec.”

First-Ring Industrial Redevelopment Enterprise, Inc. Closes Financing with Dynamis Software Corp.

First-Ring Industrial Redevelopment Enterprise, Inc. (FIRE), a regional Community Development Entity, formed by the City of West Allis for the purpose of supporting economic development through the use of New Market Tax Credits (NMTC) has successfully closed a $300,000 financing package with Dynamis Software Corporation. FIRE worked with Andy Nunemaker, President of Dynamis Software Corporation, in providing funds to help grow the early stage business. The company is located at 1126 S. 70 St. within the City of West Allis and specializes in providing health insurance brokerage software solutions.

Development financing tool catches FIRE

So far, an estimated 500 family-supporting jobs have been created in some of the poorest areas in a three-county region, thanks to a program West Allis created. And it was all done without a dime of property tax money. Instead, federal tax credits have been used to help those who want to get projects over the financial hump and send them on their way to building. West Allis joined with Milwaukee, Racine and Kenosha counties in a regional development entity called FIRE - which stands for First-Ring Industrial Redevelopment Enterprise - to be better able to attract those federal credits.