On May 30, 2008 the NWSCDC, using Department of Health and Human Services grant dollars, closed on a low interest loan to DRS Power Systems. Howard Snyder, Executive Director of the NWSCDC and Alan Perlstein, VP Programs for DRS, were presented with a loan check to DRS for $580,000.
The loan is tied to a competitively awarded grant to the NWSCDC from the Department of Health and Human Services. The grant proposal was co-sponsored by DRS, recommending funding of project infrastructure necessary to grow the Milwaukee Technology Incubator within vacant space at DRS’ facility on 30th Street and Roosevelt Avenue. The loan supports facility renovations to segment vacant space for the Milwaukee Technology Incubator. Demolition of dated infrastructure is in process, with initial build out of new DRS space beginning late fall 2008. Demising walls, security upgrades, and parking upgrades for the Milwaukee Technology Incubator are scheduled for the second quarter of 2009.
The NWSCDC-sponsored Milwaukee Technology Incubator provides below-market rental space to start-up companies willing to relocate to the DRS Facility within the 30th Street Corridor, bringing family-sustaining jobs back into Milwaukee.
The NWSCDC, through its Milwaukee Technology Incubator, has recently enabled Paradigm Sensors, a bio-diesel fuel technology firm, to relocate into the Milwaukee Technology Incubator. It joins Universal Housing, a minority owned business that builds pre-assembled housing panels as new businesses locating into the vacant space at the DRS facility. There are up to 6 additional areas for technology start-up firms planned for the Milwaukee Technology Incubator. These firms will in total bring in excess of 75 additional jobs for low income residents of Milwaukee’s North West Side.