Fond du Lac county and city officials voted to approve $53 million in assistance to Mercury Marine.

On Thursday, the seven-member City council approve an additional $3 million.

On Wednesday, members of the Fond du Lac County Board of Supervisors approved three resolutions slated to generate up to $50 million for Mercury Marine.

Over time and without detail of the Wisconsin terms, said Josh McKim, director of economic development for the Stillwater Chamber of Commerce, incentives offered by Stillwater to retain MerCruiser and attract additional Mercury Marine operations would not have increased taxes and were comparable to the Fond du Lac package.

“I look at our incentives and I know our incentives at least matched that when you look at all the phases,” McKim said.

According to online reports from City Manager Tom Herre, Fond du Lac is to provide the $3 million in funds with borrowed money and grants.

The county voted to borrow up to $50 million toward the issuance and sale of general obligation securities and levying a tax, impose a .05 percent county sales and use tax.

Loan proceeds are intended for new engine development, Stillwater transition costs, manufacturing positions to Fond du Lac, and retirement incentives to union members, according to the Fond du Lac Reporter.

The loan includes an immediate repayment provision in the event the company does not maintain its presence in Wisconsin, $500 credit per job retained and $1,000 credit per job created.

The $50 million is a partially forgivable loan, explained McKim.

“You’ve got to give that to them. I don’t think that was a number we couldn’t have matched.”

McKim said the $25 million offered to retain jobs in Stillwater was only to be the cash contribution to phase one of the three phase project over a ten year period.

Phase one also incented with a number of cost savings programs, McKim said.

“All said and done, the total incentive package ranged between $200 million and $300 million and would not call for a tax increase,” McKim said. “Much of this $200 million to $300 million were to be cash up front.”

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