Minnesota Governor Walz Announces $13 Million for Business Expansion Statewide.
Funding from DEED’s Job Creation Fund and the Minnesota Investment Fund will help create over 650 jobs.
ST. PAUL, MN (STL.News) Business Expansion – Minnesota Governor Tim Walz recently announced that the Minnesota Department of Employment and Economic Development (DEED) will provide over $13 million to help 15 businesses across Minnesota expand. The funding from DEED’s Job Creation Fund and Minnesota Investment Fund will leverage nearly $766 million in outside investment and create 652 jobs over five years.
“Minnesota is proud to be a top state for business and to live and work,” said Governor Walz. “I am grateful to the workers, entrepreneurs, and businesses that call Minnesota home and contribute to our economy. We are committed to supporting our businesses and investing in the future of Minnesota’s workforce, whether through business expansion, grants for entrepreneurs, or child care.”
“The Job Creation Fund and Minnesota Investment Fund are important programs that not only help create jobs but stimulate economic investment around our state,” said DEED Commissioner Matt Varilek. “These programs are just two examples of DEED’s continued dedication to business expansion statewide.”
This comes as Governor Walz recently announced that Minnesota is a top-five state to live and work in. Minnesota was also named a top-five state for business earlier this month.
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Eligible companies may receive up to $2 million for creating or retaining high-paying jobs, constructing or renovating facilities, or making other property improvements.
The Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs, focusingon industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve Minnesota’s economic vitality. Funds are awarded to local units of government that provide loans to assist expanding businesses.
Details on individual projects are below:
CFMOTO Powersport, Plymouth – MIF $340,000
CFMOTO Powersports, Inc., is an exclusive distributor of CFMOTO brand motorcycles, ATVs, and remotely operated vehicles (ROVs) in the United States. Their proposed building construction project includes a new 90,000 square feet dual-purpose office and warehouse facility. The building will serve as CFMOTO’s U.S. corporate headquarters and incorporate new research and development machinery and the latest in warehouse technology. With a projected total project cost of $25.8 million, the CFMOTO project is expected to create 44 new jobs with an average wage of $37.24 per hour.
Daikin Applied Americas, Inc., Owatonna – JCF $175,000
Daikin Applied Americas, Inc. manufactures commercial heating, ventilation, air conditioning, and refrigeration (HVACR) equipment. The proposed project will upgrade the interior office areas and make additional improvements to the existing factory in Owatonna, with an expected total project cost of $1.96 million. The project is expected to create 20 jobs within the first year at an average wage of $28.49 per hour.
Elemet Group Inc., Princeton – JCF $800,000, MIF $1,000,000
Elemet Group Inc. specializes in robotic welding, heavy metal spinning, powder coating & finishing, heavy machining, fabrication, and laser cutting. The proposed project will build a new facility in Princeton to support their growing business and manufacturing needs, with an expected total project cost of $26.4 million. The project is expected to create 45 jobs within the first three years at an average wage of $29.59 per hour.
F2F Inc., Faribault – JCF $175,000
F2F Inc. is a new start-up that develops designs that will integrate mushroom cultivation into a single synergistic loop that comprises climate, automation, and efficiency improvements, with the goal oto raiseds and altering the waalteroms are cultivated. The proposed project will expand the current facility in Faribault and supply machinery and equipment. The total project cost is $7.2 million, and is expected to create 40 jobs within the first three years at an average wage of $25.40 per hour.
Falls Fabricating LLC, Little Falls – JCF $175,000, MIF $190,000
Falls Fabricating LLC is a full-service precision fabricator of complex components with expertise in cabinets, chassis, tanks, reservoirs, frames, and brackets. The proposed project will expand its current Little Falls facility by adding an additional 40,000 square feet and updating the current equipment being used. The project is expected to cost $15 million and create 32 jobs with an average wage of $22.34 per hour.
ForwardEdge ASIC LLC, St. Paul – JCF $500,000, MIF $800,000
ForwardEdge ASIC LLC is a microelectronics design business that makes application-specific integrated circuits. The proposed project has leased 68,308 square feet of lab and office space in Saint Paul and will procure machinery and equipment, with a total project cost of $36 million. The project is expected to create 113 jobs within three years at an average wage of $84.51 per hour.
GEOTEK LLC, Stewartville – JCF $800,000, MIF $230,000
GEOTEK LLC develops and manufactures a variety of engineered composite products utilizing pultrusion and filament winding, including fiberglass cross-arms, light poles, and utility poles. The proposed project will construct a new 105,000-square-foot facility that includes an office, lab, and manufacturing space with a total expected project cost of $13.5 million. The project is expected to create 35 jobs within the first three years at an average wage of $21.02 per hour.
Graco Minnesota Inc., Anoka – JCF $737,000, MIF $250,000
Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. Its subsidiary Graco Minnesota Inc. designs manufactures, and markets systems and equipment to move, measure, control, dispense, and spray fluid and power materials. The proposed project will expand the current facility in Anoka by adding an additional 170,000 square feet, with an expected total project cost of $42.7 million. The project is expected to create 43 jobs within the first three years, with an average wage of $27.20 per hour.
Massman Companies Inc., Alexandria – MIF $150,000
Massman Companies design and manufacture automated packaging machines. Their services include designing, manufacturing, and installing systems for case packing, cartoning, robotics, palletizing, liquid filling, shrink packaging, and engineering integrated production line systems. The proposed project will purchase 80 acres in Alexandria that includes a new 73,000-square-foot facility to be used for machine design, assembly, machine testing, engineering, and customer demonstrations. The project is expected to cost $18 million and create 21 new jobs.
Natural American Foods, Lakeville – JCF $155,000
Natural American Foods LLC – doing business as Sweet Harvest Foods – is a natural sweetener processing company. The proposed project will lease a new 360,000 square feet facility consisting of office, product storage, and processing space, with an expected total project cost of $6.5 million. The project is expected to create 20 jobs within the first two years at an average wage of $24.20 per hour.
Niagara Bottling Company, Elko New Market – MIF $405,000
Niagara Bottling, LLC is a beverage manufacturer that produces bottled water, teas, sparkling waters, and additional products. The proposed project will purchase land and construct a new 425,000 square feet beverage manufacturing facility in Elko New Market. With an estimated total project cost of $129.4 million, the project is expected to create 58 jobs within the first three years at an estimated average hourly wage of $37.14.
Polar Semiconductor LLC, Bloomington – JCF $800,000, MIF $4,000,000
Polar Semiconductor, LLC is a semiconductor manufacturer that develops and produces wafer products— advanced power semiconductor devices and sensors — at its Bloomington fabrication facility, which the proposed project would expand and modernize. The project is expected to cost $372 million and create 73 jobs within the first two years at an average wage of $46.23 per hour.
Renegade Truck Equipment, Richmond – MIF $400,000
Renegade Truck Equipment, Inc. specializes in the manufacturing of truck bodies, including gravel, contractor, flatbed, and utility/service, along with the sale of truck equipment, truck and trailer accessories, and snow equipment. The proposed project will add an additional 20,000 square feet to the existing facility in Richmond, increasing manufacturing space and upgrading the facility. The project is expected to cost $3.3 million and create 15 new jobs with an average wage of $36.92 per hour.
Spectro Alloys Corporation, Rosemount – JCF $750,000, MIF $400,000
Spectro Alloys uses technology to turn what’s used (material at the end of its lifecycle) into what’s new (i.e., EVs and solar panels) by recycling aluminum. The proposed project will expand the current facility in Rosemount by 90,000 square feet and will include new equipment to recycle used beverage containers, extrusions, and a variety of other regionally generated end-of-lifecycle scrap types into high-quality recycled raw materials for regional extruders and sheet rolling mills. The project is expected to cost $76.8 million and create 70 jobs within the first three years at an average wage of $30.86 per hour.
Sunrise Fiberglass LLC, Wyoming – JCF $175,000
Sunrise Fiberglass LLC, a National Composites company, builds parts for cranes, skid-steers, paving equipment, mining equipment, trains, underground infrastructure, and more. With multiple molding capabilities and an advanced paint, bonding, and assembly department, Sunrise specializes in producing complex parts and large sub-assemblies for multiple industries. The proposed project will add an additional 20,000 square feet of production space to the existing Wyoming facility, with an expected total project cost of $3.6 million. The project is expected to create 23 jobs within the first two years, with an average wage of $21.96 per hour.
SOURCE: Minnesota Governor