Search

View Article

21

(Beloit, WI) - An announcement was made today by NorthStar Medical Radioisotopes, LLC (NorthStar) regarding their intentions to locate a 82,000 SF medical radioisotope production facility in the City of Beloit. This facility will be on a 30+acre site, which is located adjacent to the Gateway Business Park. Construction is slated for mid-2012 with an operations date pegged for the following year. The capital investment linked to this development is projected at $150MM +/- and by 2016, NorthStar expects to have up to 150 employees. 

 

"NorthStar Medical Radioisotopes is pleased to have chosen Beloit, WI as the site to locate our new production facility.  The choice of this site was made easy for us by the attitude and willingness of the leaders of the City", said George P. Messina, NorthStar's President.   

 

Established in 2004 and based in Wisconsin, NorthStar researches and develops proprietary, medical radioisotope diagnostic and therapeutic applications. Leveraging an extensive global network, NorthStar is committed to providing cutting-edge isotope technologies to meet a host of research and pharmaceutical development needs. 

 

Earlier this calendar year, NorthStar announced that it had received an investment from Hendricks Holding Company, Inc. - which is headquartered in Beloit, WI. Hendricks Holding is a diversified global company with holdings that represent the following industry sectors: manufacturing, distribution, transportation, logistics, insurance, environmental and real estate. 

 

The Wisconsin Economic Development Corporation (formerly known as the Department of Commerce) pledged support toward NorthStar's Beloit production facility by awarding an Enterprise Zone designation. An added feature of this designation enables these performance-based state Income Tax Credits to possess a refundable mechanism.  A Tax Increment Financing (TIF) package from the City of Beloit, structured as a direct Pay-as-You-Go incentive, provided additional project assistance. 

 

According to James Otterstein, Rock County Economic Development Manager, "This project further demonstrates that Rock County's economic base is continually diversifying. This development, as well as others that have emerged, are assisting with the County's revitalization and repositioning efforts."

Actions: E-mail | Permalink |

Post Rating

  |  Login