City Brewery investors get financing

Modern Brewery Age, Nov 27, 2000

AP--l he state of Wisconsin has approved a loan and assistance package to help a group of local investors purchase the City Brewing Co.

A $500,000 loan to help CBC Acquisition LLC, a Wisconsin company formed by 12 investors who live in the La Crosse area or have longtime ties to the brewery, was approved this week by the Wisconsin Development Finance Board.

A definitive purchase agreement was signed Nov. 1 for owners Jim Strupp and John Mazzuto to sell the property to CBC. Strupp and Mazzuto bought the former G. Heileman Brewery last November.

The state also approved a package of tax credits for CBC. In order for the brewery to receive the maximum $800,000 in tax credits, it will have to retain or create 100 jobs within three years and fill them with people from certain targeted groups.

Among the targeted groups are dislocated workers-- such as former G. Heileman Brewery employees.

The number of employees at the City Brewery peaked at 62 before the plant ran out of cans and bottles in June. Most brewery employees have been laid off since then.