Governor Doyle Announces $4 Million in Tax Credits for Riverside Center in La Crosse

Madison (June 22, 2005) - Governor Jim Doyle announced today a $4 million allocation of New Markets Tax Credits that will help build Riverside Center, a 100,000 square foot office corporate center in La Crosse that will house defense contractor Logistics Health Inc.

The tax credits are being awarded through the Wisconsin Community Development Legacy Fund, a consortium led by the Wisconsin Housing and Economic Development Authority (WHEDA®). The investment uses part of a $100 million New Market Tax Credits allocation secured by the development fund.

"Through my 'Grow Wisconsin' economic development plan, we are strengthening communities across the state," Governor Doyle said. "These tax credits will help revitalize downtown La Crosse and create jobs. This investment is a great example of the kind of public-private partnerships I'm working hard to encourage across Wisconsin, and I applaud all of the individuals involved."

Logistics Health Inc. is a leading provider of military medical readiness, primary care, occupational health, Homeland security, and emergency preparedness services. Construction of the six-story corporate center on the city's riverfront is expected to begin in July.

As part of the deal, the company will move 200 jobs to a distressed downtown area of the southwestern Wisconsin city, and locally add 200 high-paying jobs within three years. The City of La Crosse provided land for the project and approved an $11 million tax incremental financing district. Associated Bank will finance the development.

WHEDA is an independent state authority that works with lenders to provide affordable financing across the state. The other partners in the tax credit development fund are Impact Seven and Legacy Bancorp.

Under the Doyle Administration, the three partners created the fund in a successful quest for federal New Markets Tax Credits. The credits are targeted to investments in distressed economic areas of Wisconsin.