Super Steel, LLC, formerly known as Super Steel Products Corporation (SSPC), has been in existence since 1923, providing contracted manufacturing services to customers in the industrial, construction, agricultural, and defense markets, and specializing in providing metal fabrication to the rail industry. Despite its long history, the Milwaukee, Wisconsin based company could not withstand the economic recession and was forced to file for receivership in 2010.
The closure of the company would have meant the loss of jobs and economic activity in the region. The City of Milwaukee made saving the jobs threatened by the potential demise of Super Steel a high priority and looked for ways to keep the company afloat.
In 2010, First-Ring Industrial Redevelopment Enterprise (FIRE), a CDE formed by the City of West Allis, WI, offered a solution and provided $15.5 million in NMTC financing. This financing supported the acquisition, operational upgrades, and working capital requirements for the re-launch of the company. With the re-launch, Super Steel was able to retain its 223 employees and add 207 new, permanent, quality jobs at an average wage of $36,000, the majority of which are held by low-income persons.
Super Steel, LLC’s focus is on reemerging as a best in class contract manufacturer by building upon its skills in the rail industry and pursuing contracting services with leading Original Equipment Manufacturers.
The project is sponsored by Beerline Crossing LLC., a special entity created to help in the transformation of prior vacant underutilized industrial property in the Port Washington corridor of the Riverworks Industrial District. This Riverworks area at one time employed thousands of industrial employees through corporations like American Motors Corporation and Chrysler. Over the last fifteen years, the City of Milwaukee and the City of Glendale have initiated a series of office, light industrial, warehouse and retail projects that focused on redefining this area into regional powerhouse. The Beerline Crossing’s project is a multi-phased redevelopment effort to turn underutilized properties into a regional mixed-use development project supporting this effort.
MEDC provides low cost, long-term, subordinate capital to operating businesses in the City of Milwaukee through the its NMTC Revolving Loan Fund (RLF) product. We fund fixed asset purchases for land, buildings, and equipment for small to medium-sized businesses (average loan sizein the loan pool is $400,000) experiencing financing gaps. MEDC’s loans address the significant unmet need for capital in Milwaukee where environmental contamination and industrial abandonment has created high levels or poverty and unemployment. It also allows MEDC to provide more flexible underwriting standards that allow for lower interest rates and longer amortization on loans which reduces debt service and allows businesses to have more money for expansion and working capital.
Since funding its original NMTC RLF loan pool in 2006, MEDC has partnered with PNC Bank as the Investor, to capitalize three additional Revolving Loan Fund (RLF) pools.
Milwaukee’s St. Ann’s Center for Intergenerational Care is copying its successful south side facility with a second location on the north side, where the rates of poverty and infant mortality are high and most residents are people of color. St. Ann’s serves seniors including those with dementia, people with disabilities, and children all at the same site. It’s a unique model for programming and interaction that has earned national recognition.
High poverty and low development have historically plagued the area surrounding the intersection of 27th Street and Wisconsin Avenue in Milwaukee. The development of the vacant lot located at this intersection into the Department of Children and Families new Bureau of Milwaukee Child Welfare (BMCW) facility has been instrumental in the transformation of this community.
The new BMCW facility will consolidate services into one central location while also expanding services for families in need. It anticipates that each year over 5,000 children will benefit from BMCW’s assistance. The creation of 40 new full time and 20 part time
positions are also crucial for the neighborhood’s transformation.
The project is also fully supported by the local neighborhood and the City of Milwaukee, which is providing the land for a sales price of $1.00.