MN: Cardiovascular Systems to Build $30M New Brighton Expansion, Add 205 Jobs
18 Jun, 2014
Medical device manufacturer Cardiovascular Systems Inc. announced plans to build a $30 million headquarters in New Brighton and to expand its workforce with 205 new, high-paying jobs within two years.
The company said it will build a two-story, 125,000-square-foot building with office, research and development, and manufacturing space at the New Brighton Exchange, a 100-acre site at the northwest corner of Interstates 35W and 694.
Cardiovascular Systems currently employs 191 workers at its existing headquarters in New Brighton, about 2 miles south of the new site. The new headquarters building, which is expected to be completed next March, will have the capacity to accommodate 500 workers.
"This is great news for Minnesota,” said Governor Mark Dayton. "We are very pleased that Cardiovascular Systems Inc. has chosen New Brighton for its new headquarters. I thank CSI for this important expansion that will add 205 good-paying jobs to our state."
The new jobs, including senior management, engineering positions and professional staff, will pay an average wage of $42 an hour.
To assist the expansion, the Minnesota Department of Employment and Economic Development (DEED) is awarding Cardiovascular Systems $2 million from the Minnesota Job Creation Fund, if the company meets its hiring and investment goals. The agency also is providing a $750,000 forgivable loan from its Minnesota Investment Fund.
“Cardiovascular Systems is a cutting-edge company that is making a difference in the lives of people with cardiovascular diseases,” said DEED Commissioner Katie Clark Sieben. “DEED is pleased to support their latest expansion, given CSI is an important and growing player in Minnesota’s highly successful medical device sector.”
Cardiovascular Systems specializes in making devices for treating vascular and coronary diseases. The company’s systems helps clean calcium and plaque from arteries in the legs and heart, offering an alternative to existing surgical, catheter and pharmacological treatments. The company estimates the market in that category at $1.5 billion.
The Minnesota Job Creation Fund and the Minnesota Investment Fund are two of the major programs used by DEED to encourage corporate expansion projects in the state.
The Job Creation Fund, which was first proposed by Gov. Mark Dayton last year, is a new pay-for-performance program that provides funding to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance.
The Minnesota Investment Fund provides financing to encourage new or retained jobs statewide, focusing on manufacturing and technology-related industries. Funds are awarded to local units of government, which provide loans to assist expanding businesses. Cities, counties, townships and recognized Indian tribal governments are eligible for this fund.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at http://mn.gov/deed/ . Follow us on Twitter at twitter.com/mndeed.