SHINE Medical Technologies has the land in hand now to build its medical isotope facility.
In exchange for $1, the city of Janesville has handed over the deed to 91 acres along Highway 51 to house a plant that will make molybdenum-99, a radioisotope that decays into technetium-99m, used in tens of millions of medical imaging procedures each year.
"I'm grateful to the entire Janesville community" for its belief in SHINE, said CEO and founder Greg Piefer. The company will make the radioisotopes using a novel technology that does not require a nuclear reactor.
Vice president of business development Katrina Pitas said the land transfer "allows us to break ground, and that's going to happen any day now." Production is expected to start in 2021.
The land is part of a $6.4 million incentive package that Janesville provided to SHINE, including $1.5 million for the property, $1.85 million for the utility and stormwater extensions, and $3 million in forgivable loans.
SHINE has not publicly said how much it will spend on the construction project that will include a 44,000-square-foot molybdenum-99 production facility and several smaller buildings but it has guaranteed the project will be worth at least $50 million, Janesville economic development director Gale Price said.
The company will reimburse the city through higher property taxes as the buildings are constructed. SHINE also will have to add 125 employees within five years of occupancy or return part of the loans.
"This is an exciting partnership between SHINE and the City of Janesville," Price said. "With construction of this state-of-the-art isotope production facility, SHINE will allow Janesville to be the hub of production for many lifesaving medical treatments in the near future."