Posted: 06.30.2010

Governor Jim Doyle has announced that Foremost Farms USA will receive $45 million in New Markets Tax Credits from the Wisconsin Housing and Economic Development Authority (WHEDA) to expand and upgrade production capacity at its facilities in Richland Center and Appleton.

The New Markets Tax Credits (NMTC) will help Foremost Farms USA finance dairy production upgrades, retain and create jobs, invest in future projects to increase profitability, and return equities to members while retaining the proper equity base. The Wisconsin Community Development Legacy Fund, a Community Development Entity made up of WHEDA, Impact Seven and Legacy Bancorp, is providing a $25 million NMTC allocation, while CEI Capital Management LLC, a for-profit subsidiary of the Maine-based Coastal Enterprises Inc., is providing a $20 million allocation.

The Foremost Farms facility in Richland Center supports an estimated 1,500 indirect and induced full-time jobs annually throughout Wisconsin, generating an estimated $32 million in total income in Wisconsin according to WHEDA Executive Director, Antonio Riley.

Foremost Farms USA Vice President-Finance/CFO Michael Doyle said the money will help the cooperative revolve equities held by former members, invest in profitable, strategic projects that enhance returns to members, and build a capital structure that places a majority of equity in the hands of active members.

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