Mercury Marine won't get $10m loan from county

CREATED Nov 6, 2013

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FOND DU LAC, Wis. (AP) -- The Fond Du Lac county board has decided against a $10 million loan to boat engine maker Mercury Marine.

The Reporter Media reports a resolution authorizing the loan failed in a vote Tuesday night.

The company wanted the loan for a $30 million expansion that would add 300 jobs in Fond du Lac.

Mercury's Chief Financial Officer Steve Cramer said he was disappointed, but they will move forward with the expansion at a slower pace.

They hoped to secure the loan at a low interest rate, with forgiveness of $1,000 per job added, up to 300 jobs. The job credits were to be paid with excess county sales tax proceeds and Mercury was to pay back the county by 2021 when the sales tax is set to end.

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Information from: The Reporter Media, http://www.fdlreporter.com