Steiner Electric Co. would move its Loves Park operations to a vacant building in the East Rock Industrial Park at 5004 27th Ave. under a proposed development agreement with the city of Rockford.
Steiner is an electrical and metalworking products distributor serving the construction, industrial and original equipment manufacturer markets in northern Illinois and Chicago. It would employ about 30 people at the Rockford location, under a 10-year lease, with annual revenue of about $40 million.
Rockford City Administrator Todd Cagnoni said the city would offer refunds on the municipal retailer’s 1% business tax to incentivize the move. The company would receive 75% of the tax back in years one and two and 50% back in years two and three.
Steiner could also qualify for benefits under the city’s Enterprise Zone program, which could include an exemption from an 8.25% sales tax on building materials needed for renovations.
If approved by the full municipal council, the renovation works will take place in the first quarter of 2025. The operation would move to Rockford late next year.
Jeff Kolkey writes about government, economic development and other issues for the Rockford Register Star. He can be reached at (815) 987-1374, via email at jkolkey@rrstar.com and at @jeffkolkey.
This article originally appeared on Rockford Register Star: Steiner Electric eyes Rockford industrial park for relocation
