First-Ring Industrial Redevelopment Enterprise (FIRE)
First-Ring Industrial Redevelopment Enterprise (FIRE) is a regional Community Development Entity, formed in 2007, strategically focused to provide gap financing to mixed-use developments, commercial, and industrial development projects and expansions throughout the Southeast Wisconsin historic industrial corridor (Kenosha, Racine and Milwaukee counties).
FIRE was created utilizing the experienced development and NMTC team from the City of West Allis. The City partnered with neighboring communities and economic development shareholders to form FIRE in seeking New Markets Tax Credits from the U.S. Treasury.
With stimulation of regional economic growth as its main mission, FIRE's vision is to inject capital into projects throughout three (3) counties that produce job creation and retention, to enhance tax base growth, and to yield new life in the urban cores of targeted dis-invested areas. Beyond the direct benefit, FIRE supports projects that advance "green" concepts and workforce development (i.e. job training), or employment initiatives such as minority business participation. FIRE has received over $155 million in NMTC allocation. To date, FIRE has obligated over $140 million in NMTCs, which has leveraged over $200 million of new development and economic