Article by: Cris Gastner
A snowy December day did not chill the excitement and enthusiasm as recycled materials manufacturer Envirolastech, Inc. broke ground on their new $3 million facility in St. Charles. The groundbreaking marks the culmination of efforts to assist the company in locating its first manufacturing plant in the community.
CEDA Sr. Vice President Cris Gastner has worked with company officials on behalf of the City over the last year to assist in putting together a financial incentive package that would allow the project to move forward. “Several partners had to come together to assist in making this project a reality.” Gastner said “The company was able to find its primary financing, but a number of other entities had to step up to get this project to the construction phase.”
Gastner assisted company officials in securing a $60,000 gap financing loan through CEDA in addition to an $183,766 award from the Job Creation Fund through DEED. Winona County has also approved a $150,000 revolving loan and the Southern MN Initiative Foundation has approved a $100,000 revolving loan for the project as well. Earlier in 2016, Gastner worked with the City’s EDA and City Council to include a four acre parcel of land as part of the incentive package for the company as well. The company hopes to have the plant complete and operational in early spring 2017.