Council approves industrial revenue bond backing for Firerest Aerospace; company projects over 125 jobs

The Stevens Point Common Council voted to approve an initial resolution supporting industrial revenue bond financing for Firerest Aerospace to enable a facility lease-and-purchase at 4848 Industrial Park Road. John Apple, identified as the company's chief financial officer, told the council the financing structure provides a tax-exempt pass-through that lowers borrowing costs for the company and, he said, allows the developer and bank to secure a lower interest rate. "Firecrest Aerospace plans to bring ... over 125 jobs to the area of Stevens Point," Apple said, and noted plans to work with Mid-Tech College for training and to engage local suppliers for machining work.

City staff emphasized the financing would not cost the city or affect its borrowing capacity. Council discussion noted economic-development benefits and limited downside; the resolution passed by roll call with Alder Nebon recorded as the lone 'no' vote. No further action on incentives was recorded at the meeting; staff said job-impact details will be available when the company presents final materials.