LAC DU FLAMBEAU - A business development agency in the Northwoods pictures new homes, apartments, and jobs coming to Lac du Flambeau in the next decade. Building those and making them a reality may get a boost from a new tax deferral process.
Lac du Flambeau has been identified as an "Opportunity Zone." Essentially, it allows investors to avoid paying taxes on capital gains through things like profits made through trading stocks.
The LDF Business Development Corporation wants to see those investors put that money into projects that would benefit the area. Those investments can be made tax-free for up to 10 years if the projects help an Opportunity Zone.
There is further benefit, in that capital gains liability decreases each year the investor stays with the project.
"Maybe they don't live here, but they vacationed here and they want to make a difference," LDF Business Development Corporation COO Randy Soulier said. "They want to take advantage of what they can. It becomes a win-win overall. You know, investor and the area."
Lac du Flambeau is one of 120 "Opportunity Zones" in Wisconsin.
Soulier thinks the investors can provide capital for projects like housing and workforce development that benefit LDF and beyond. He hopes to make Lac du Flambea a destination people want to both vacation and work in.
"Trades or upgrading technology know-how," Soulier said. "I would really like to see the area become more self-(sufficient) on its own."
The LDF BDC will co-host an informational seminar on Thursday, Feb. 21 at the Lake of the Torches Conference Center from 8 a.m. to 1 p.m. Registration is free, but required. The Vilas and Oneida county economic development corporations, Grow North, and WHEDA are also presenting the event.
For more information or to sign up, email firstname.lastname@example.org or call 715-388-0502.
BIRON, WIS. - A nearly $200 million paper mill project in Wood County will get state support while helping to create more than two dozen jobs.
The Wisconsin Economic Development Corporation (WEDC) announced $1.7 million in tax credits Wednesday for ND Paper in Biron, which is just north of Wisconsin Rapids.
ND Paper plans to convert a machine from making white paper into corrugated material for boxes. The company will also build a recycled pulp, water treatment, and fiber recovery plants. The total cost of the project is $189 million.
NORTHWOODS - Jeff Schweizer doesn't need electricity to camp, but he knows it's a great convenience.
"If it's raining out you got the TV, you got the microwave," said Schweizer.
He and his group of friends used their generators Tuesday night because Franklin Lake Campground in Forest Co. doesn't have direct electrical access.
"Generators make a lot of noise," said Schweizer. "It's nice to have it quiet. When you have electricity you don't have those generators. It's just really enjoyable to be at a campground with electricity."
MADISON - Wisconsin-based convenience store chain Kwik Trip has removed some vegetable trays from its stores after several reported illnesses in Wisconsin and Minnesota.
Health officials say the Del Monte vegetable trays, which included broccoli, cauliflower, carrots and dill dip, have been linked to salmonella bacteria. So far, it has sickened three people in Wisconsin and one in Minnesota. Symptoms of salmonellosis are similar to the flu.
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