Appleton’s 222 Building bought by U.S. Venture, will receive $2.1 million tax break
APPLETON, Wis. (WFRV) – U.S. Venture has purchased Appleton’s 222 Building, and Wednesday night the common council approved a financial incentive via a tax break to seal the deal for the company to move its headquarters downtown from its current location in Kimberly.
“This has been a long time coming, there have been conversations over many years about U.S. Venture coming downtown and this project has taken a different shape than originally proposed, but ultimately what came out of this is we’re getting a corporate headquarters downtown,” Mayor Jake Woodford said, referring to U.S. Venture’s plans to construct a new headquarters building on the Fox River that were scrapped as a result of the COVID-19 pandemic.
$2.1 million will be given to U.S. Venture in small amounts periodically from the City of Appleton through a development agreement that was voted upon and passed by the common council. It is part of a pay-go-TIF (tax increment financing) plan that will be fully paid out once the sufficient amount of taxes are paid.
“Right now that $2.1 million doesn’t exist,” Woodford explained. “It will come to exist through property tax payments that U.S. Venture itself makes.”
Another factor of the agreement is discounted parking permits for U.S. Venture employees, as 650 are expected to be working at the headquarters once the $40-million renovation is complete at the end of 2025.
“We came to terms on a guarantee of 650 permits in the Green Ramp in downtown Appleton to accommodate their parking needs, it’s right next to their building,” Woodford said.
Local businesses are generally excited to welcome the influx of potential customers to the downtown district, although Bowl 91 assistant manager Emily Xiong says parking is presently a significant issue due to construction on City Center.
“It’s just taking some parking space downtown, but downtown always has some difficulty with that,” Xiong said. “Everyone just comes [for lunch] at once. It gets hectic, but I really like it.”
Appleton Downtown Inc. executive director Jennifer Stephany says the increase in U.S. Venture employees will be felt across the heart of the city.
“We will feel this ripple effect throughout the full district,” Stephany said. “The small business owners within the corridor will also experience economic impact.”
Bowl 91 is not the only establishment excited about what the increase in business will bring; Voyageurs Bakehouse might even consider staffing changes as a result.
“We’ll probably have to staff heavier [on weekdays],” Suzi Blackwell, manager of the Appleton location, said. “I definitely think that will change the way we have to navigate business.”
