The Village Board has approved a tax-increment financing deal with Thysse Inc.
The agreement calls for the village to invest $1 million in the graphic design firm’s expansion project, which is expected to yield a roughly 90,000-square-foot headquarters in the village’s Alpine Business Park.
The deal had been agreed to in principle already, but the Village Board was waiting on details about how the money will be borrowed and the size of the land Thysse will purchase. It also needs a certified survey map to work its way through the village’s review process.
Thysse decided on the land it will purchase and asked the village to sign the agreement as-is Monday so it could submit it to the Small Business Administration for a loan.
The village had wanted to shop around for the $1 million loan, but village administrator Mike Gracz said the terms of the state trust fund loan were best because it extended for 20 years rather than 10 with other banks.
Thysse moved to the village with 13 employees in 2012 with the help of a TIF deal, and another TIF grant helped Thysse expand on the same site. It now has about 90 employees.