FOND DU LAC, Wis. (AP) -- The Fond du Lac County Board has approved a new half-percent sales tax to help fund a major incentive package designed to keep jobs and boat engine-maker Mercury Marine in Fond du Lac.
The board Wednesday night also approved borrowing $50 million to offer the company as a low interest, performance-based loan.
For every job Mercury Marine keeps, $500 gets taken off the loan. For every new job, the company gets a credit of $1,000.
While Mercury must repay the money by the end of the 12-year agreement, the county added the sales tax to cover borrowing costs and any credits the company earns toward repaying the loan.
Mercury Marine spokesman Steve Fleming says the company is expected to add up to 1,400 manufacturing jobs in Fond du Lac by 2016. Fleming says that would include most, but not all the 385 factory jobs in Stillwater, Okla.
