Menomonee Falls - As Dynamic Tool & Design begins to expand operations nationally and into Europe, an expansion project is necessary, which will now be aided by the Village of Menomonee Falls' industrial development revenue bonds.
The Menomonee Falls Village Board voted unanimously Monday night to approve Midwestern Disaster Area Revenue Bond Financing for Dynamic Tool's project. The revenue bonds are not to exceed $3.5 million and the sale of the bonds will occur before June 30. The village issues the bonds, but the company is responsible for the debt service.
"This is a no risk, no liability to the Village of Menomonee Falls," Trustee Sharon Ellis said.
Dynamic Tool & Design, which designs and manufactures custom molds and injection molding, asked for the bond agreement to finance construction of a 17,500-square-foot addition to its current location located at N5180 Campbell Drive. The expansion, once complete, will also allow the business to hire 15 new employees, said John Lau, president of the company.
"It is going to create a larger, safer working area for our employees," he said. "It will create an area to better serve our customer base."
The Menomonee Falls-based company's customer base is spreading worldwide. With that, Lau said customers request that the company build products before shipping.
"This addition will give us the space to do that," Lau said.
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