Genesis Attachments will soon be able to buy the building and property on Connors Point where the Delaware-based company builds specialized equipment for handling materials.
The Redevelopment Authority of the City of Superior approved releasing B. Bacon Properties LLC and Silver Creek Holdings LLC from the development agreement signed in August 1997 that launched the company.
“There is still one year left on the development agreement,” said Jason Serck, economic development, port and planning director. “It ends at the end of December in 2020. That is going to stay intact.”
Serck said all obligations under the agreement have been met.
“This is a good result because the operator actually owns the property and has more incentive now to continue,” said Attorney Bob Tofte of Fryberger, Buchanan, Smith and Frederick. Tofte represents the Redevelopment Authority on legal matters. He said the agreement includes a provision that would require the company to rebuild if something were to happen to the building. The provision runs through July.
Genesis Attachments was originally founded as Genesis Equipment and Manufacturing in 1997 by Kevin Bakke, Bruce Bacon, Kurt Frahm and Ken LaBounty. The company was sold to Paladin of Cedar Rapids, Iowa and expanded in 2004, before changing hands again when New York City-based Dover Corp. acquired Paladin Brand Holdings Inc. in a multi-billion-dollar deal in 2006.