Kokomo — Westwind Wood Specialties, a manufacturer of wood cabinet components that recently announced an expansion into Kokomo, will receive a $200,000 real estate loan through the city of Kokomo’s Revolving Loan Fund, as well as up to $70,000 in forgivable loans and grants, funded through Economic Development Income Tax dollars.
The Kansas-based company manufactures cabinet doors and drawers for custom and semi-custom homes and commercial properties. It will invest more than $1 million in improvements to a 15,000-square-foot manufacturing facility at 1104 Touby Pike. Company officials say they plan to create up to 25 new jobs by 2013.
Troy Deaton, chief executive officer of Westwind Wood, said in May the company had researched the region and state in seeking a new expansion location, but when it “came down to it, the long and short of it, it came down to the building in Kokomo.”
“[City officials] really stepped up to the plate,” Deaton said. “They showed accountability. We felt good about the answers they had for our questions. They were proactive about the financing that would bring us to Kokomo, and we like the direction the city is headed.
“We are very excited to be expanding into the Kokomo region.”
“We are very happy that Westwind chose Kokomo and is ready to open,” said Mayor Greg Goodnight. “They are a community-minded company, and I know they’ll be a great fit here in our city.”
The incentives come on top of a $100,000 working capital loan granted by the Revolving Loan Fund, bringing total city loans and incentives to $370,000. All but a $50,000 EDIT relocation grant comes in the form of low-interest loans.
“This was a very competitive project,” Debra Cook, director of development for the city of Kokomo, said Wednesday. “We’re very lucky to have them here.”
The Indiana Economic Development Corp. also offered Westwind up to $60,000 in performance-based tax credits and up to $6,000 in training grants based on the company’s job-creation plans.
Cook said city officials worked with Westwind throughout the company site-selection process and during their ramp-up to production. Cook said the RLF loan and EDIT grant and loan were part of the original incentive package offered to the company.
The RLF program provides gap financing at below-prime interest rates to Howard County businesses seeking to expand. Companies or private lenders interested in discussing Kokomo’s Revolving Loan Fund program may contact Development Specialist Paul Allor at 765-456-7375.
• Scott Smith is a Kokomo Tribune staff writer. He may be reached at 765-454-8569 or via e-mail at scott.smith@kokomotribune.com
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