By Paul Downer
By Paul Downer
While the economy remains a matter of concern for many around the area, business is booming at Vickerman Company in Norwood Young America.
The NYA City Council approved a full slate of resolutions paving the way for the business to double in size during its meeting on Tuesday, May 28.
Vickerman Company came to NYA from Chaska in 2007, the first business to take up residence in the Tacoma West Industrial Park. The company is a nation-wide importer and distributor of holiday and seasonal decorations, with showrooms in Minneapolis, Atlanta, Dallas and Los Angeles and a manufacturing facility in Bloomer, Wis.
Its headquarters, however, is located in Norwood Young America, with a 36,100-square foot warehouse and the company’s corporate offices. During the peak shipping season, the location has 28 employees onsite and handles about 650 orders per day.
Since its relocation in 2007 the business has grown rapidly, and action taken by the city council will allow the local facility to add another 36,250 square feet of warehouse space, along with associated parking and loading space.
To accommodate that goal, the city established a new Tax Increment Financing (TIF) district and decertified a portion of the original TIF district, allowing the city to sell a 19,240-square foot strip of land on the east side of the current Vickerman structure to make the growth possible. The cost of the land will be $1 per square foot. Company owners said last fall that cheap land and a development program offered by the city were what originally drew them to build in Norwood Young America.
The TIF district will allow the city to capture as much tax increment as possible to pay down the debt on the inter-fund loans associated with the sale of land to Vickerman, according to Economic Development Coordinator Christie Rock.
When the expansion project is finished, the county assessor plans to value the property at $3.3 million.
In other business, the council: