Riverside Foods plans $7.2 million expansion in Two Rivers

TWO RIVERS, Wis. - Riverside Foods is planning a future $7.2 million expansion in Two Rivers, and is asking the city for a bond to help finance it.

To keep up with demand, the company is adding another production line in a future 20,000 square-foot facility in Two Rivers.

"We'll have lots of capital expenditures with equipment, hiring new people, training those things," Megan Kornely with Riverside Foods said. 

There are currently 100 employees at the plant, and the company is looking to add at least 30 more right now. 

"Everything from entry level to managers, so warehouse personnel, production personnel," Kornely said.

While most companies have to go through a bank for a loan, some can ask for an industrial revenue bond.

In Wisconsin, a city can bond up to $10 million a year for a project like this one. 

"I would emphasize that there's no risk to the taxpayers, it doesn't add any obligation to the city's total debt-load, but at the same time it does offer the company an interest rate advantage," Greg Buckley, Two Rivers city manager, said. 

The city of Two Rivers will vote on the final resolution to finance the $7.2 million expansion in about two months.
 
The idea that more factory growth and jobs are on the way, might invigorate the local economy that saw so many plants disappear.
 
"Two Rivers has, and all of Manitowoc County, has suffered a loss of hundreds of manufacturing jobs over the past decade," Buckley said. 
 

So helping one grow, instead of saying goodbye to it, may be an investment into Manitowoc County's future.

"I think what we have to do as a community is adjust to that and say, 'How do we become a community that's fertile ground for new startups, and for entrepreneurs, for creative risk-oriented people to live and make those investments?" Buckley added.

Riverside Foods is also looking to lease a city-owned vacant lot that could add 31 parking spaces for employees, with the option to buy the lot in the future. 

 


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