Medical Company Considers Opening Business In Janesville
In Rock County, a specialized medical company is considering building its business on Janesville?s south side.
Stevens Point and Chippewa Falls are also potential business sites for Shine Medical Technologies, but a Janesville councilman said the city’s recent $1.5 million land purchase might have moved them to the top of that list.
“People whose No. 1 priority is economic development believe that this land is good for the city. People whose No. 1 priority is farm land and preservation of natural resources say this purchase was horrible for the city because it’s some of the best farmland,” said Alder Tom McDonald.
With a vote of 5-1, Janesville?s City Council agreed to purchase an 84-acre property across from the airport, which could be the possible future home of Shine Technologies. The company creates technology that helps treat and diagnose heart disease, cancer and other illnesses.
“One of four medical isotopes companies that have received a grant from the federal government to try and bring medical isotopes to the United States so that we in the U.S. don’t have to continue to use products from overseas,” said McDonald.
McDonald estimates Shine would bring about $600,000 dollars in property tax revenue. He said it could also mean about 125 new jobs in 2016, WISC-TV reported.
“This could be a great, great benefit not just for Janesville but for the whole county and to the region. But it’s also high risk because it’s a startup company that may not make it through their regulatory hurdles,” said McDonald.
City leaders said that they hope to release the development deal by mid-January. There’s still no guarantee Shine will come to Janesville, but because the city owns the land, if the company pulls out, it can offer the property to another company.