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Finance committee approves initial industrial revenue bond resolution for Firecrest Aerospace
Summary
The committee approved forwarding an initial resolution to the council to enable tax-exempt industrial revenue bond financing for Firecrest Aerospace; the company said it will amend its application to show 125 local jobs and reported a range of proposed salaries.
The City of Stevens Point Finance Committee on July 13 approved an initial resolution to begin industrial revenue bond (IRB) financing steps for a proposed Firecrest Aerospace project.
Corey (staff) introduced the request as an initial resolution, which signals the city’s intent to issue IRB financing; the resolution does not make the city liable for developer debt. John Oppold, who identified himself as CFO of Firecrest Aerospace, described plans to manufacture microjet and small turbofan engines for unmanned and aerospace applications, said the company is working with local training partners, and said the application will be amended from 95 jobs to 125 jobs prior to the Common Council meeting.
Oppold gave a salary overview when asked: “Over 25 of the individuals are over a $100,000 in annual salary. Many of those are above a $150,000. And…the lowest wage that we have on our plan is $19 an hour,” he said. He also outlined an ambitious hiring timeline, saying first hires could begin as early as August (with remote or nearby staff) and ramp up by November–December.
Committee members asked about the order of approvals and plan commission review; staff said the July vote was an initial resolution and that a final IRB resolution would be expected the following month and that plan commission matters would be addressed separately. Comptroller Lattic and staff reiterated that the city will not be liable for developer obligations under the IRB structure and that staff recommended approval.
A motion to approve the initial resolution was made and seconded; the committee approved the motion by voice vote and will forward the initial resolution to the Common Council next week. Staff said a final resolution would follow in the coming month if the project proceeds.
Why it matters: The IRB, if finalized through subsequent council action and financing, would enable tax-exempt financing for Firecrest Aerospace that the company says will support local hiring and supplier purchases; the city noted it assumes no liability for the developer’s borrowing under the proposed structure.
