October 24, 2014

Mercury Marine beginning to repay $50 million loan

Mercury Marine is making good on paying back its loan to Fond du Lac County, money used to keep the boat engine manufacturer in Wisconsin a few years ago. Just before Christmas, the county received its first payment from Mercury Marine on the $50 million loan.

The more than $3.2 million went to the Fond du Lac County Economic Development Corporation, which is administering the loan and in turn transferred the money to the county.

County Executive Al Buechel says they will use that money to pay down the debt on the loan, which will also lower the county’s debt. He says it’s the first of 10 payments Mercury will make based on employment at the company. He says Mercury is getting close to the 2,900 jobs both the company and the county were hoping for when the incentive was developed. Last year, the firm began a $20 million expansion project.

In 2009, the City of Fond du Lac also gave Mercury $3 million worth of incentives and the state gave $70 million in tax credits.

KFIZ