Steiner Electric Co. would relocate its Loves Park operation to a vacant building in the East Rock Industrial Park at 5004 27th Ave. under a proposed development agreement with the city of Rockford.
Steiner is an electrical and metalworking product distributor that serves the construction, industrial and original equipment manufacturer markets in northern Illinois and Chicago area. It would employ about 30 people at the Rockford location under a 10-year lease with about $40 million in sales annually.
Rockford City Administrator Todd Cagnoni said the city would offer reimbursements from its 1% municipal retailer’s occupational sales tax to incentivize the move. The company would get 75% of the tax reimbursed in years one and two and 50% reimbursed in years two and three.
Steiner would also potentially be eligible for benefits under the city’s Enterprise Zone program which could include an exemption on 8.25% sales taxes for construction materials needed for renovations.
If approved by the full City Council, plans are for renovations to proceed in the first quarter of 2025. The operation would move to Rockford by the end of next year.
Jeff Kolkey writes about government, economic development and other issues for the Rockford Register Star. He can be reached at (815) 987-1374, via email at jkolkey@rrstar.com and on X @jeffkolkey.
This article originally appeared on Rockford Register Star: Steiner Electric eyes Rockford industrial park for move