MN: DEED Awards $2.1M from Jobs Creation Fund, Leading to 381 Jobs
16 Sep, 2021
The Minnesota Department of Employment and Economic Development (DEED) announced that 6 businesses are expanding in Minnesota with the help of $2.1 million in awards from the Job Creation Fund (JCF).
The 6 projects are expected to leverage $123 million in investments from the companies and create 381 new jobs over the next 3 years.
"The Job Creation Fund once again proves to be an incredible return on investment for the state," said DEED Commissioner Steve Grove, "I congratulate these cities and businesses on their future economic growth."
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Companies deemed eligible to participate may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements.
All projects also received an award from the Minnesota Investment Fund. The Minnesota Investment Fund provides loans to companies that create and retain high-quality jobs with a focus on industrial, manufacturing and technology-related industries to increase the local and state tax base and improve the economic vitality for all Minnesotans.
Listed below are the individual expansions with their city and Jobs Creation Funding award:
Advanced Volumetric is a startup that will manufacture modular units for use in commercial and residential construction projects. They are adding a new 180,000 square foot facility that will cost $31,233,190 to create. The project is expected to create 135 new qualifying jobs within the next two years at an average wage of $27 an hour. They will receive the JCF award once they have met the established criteria. In addition to the JCF award this project also received a $450,000 loan from the Minnesota Investment Fund.
North Freeze Dry – Little Falls - $175,000
North Freeze Dry, LLC is a startup partnership that will manufacture freeze-dried pet food. The total project is expected to cost over $30 million which will include a new 85,000 square foot processing facility. The project is expected to create 57 qualifying jobs over the next three years and is also receiving a loan from the Minnesota Investment Fund of $375,000. The project will receive the JCF award once they have met the established criteria.
Performance Food Group – Rice - $175,000
Performance Food Group is expanding its cheese processing facility in Rice. The total project cost is more than $12 million and it is expected to create 22 qualifying jobs over the next two years. This project was also awarded $300,000 from the Minnesota Investment Fund. The project will receive the JCF award once they have met the established criteria.
ST Paper 1 LLC – Duluth – $1,300,000
ST. Paper is purchasing a closed paper mill in Duluth and rebuilding the facility in o a tissue manufacturing plant. The total project is estimated to cost $42,132,948 and is expected to create 80 qualifying jobs within the next three years. This project also under consideration for a Minnesota Investment Fund award of $3 million. The project will receive the JCF award once they have met the established criteria.
Silk Road Medical - Plymouth - $175,000
Silk Road Medical is a medical device company that is looking to expand to Minnesota by leasing a 62,000 square foot medical device manufacturing facility. The total project cost is expected to be $5,135,830 and it is expected to create at least 67 qualifying new jobs within the next two years. This project is also assisted by a $450,000 loan from the Minnesota Investment Fund. The project will receive the JCF award once they have met the established criteria.
Trystar LLC – Faribault - $175,000
Trystar is electrical distribution solution provider that provides portable power to critical facilities and utilities with specialized cable and electrical distribution equipment. The company is adding 50,000 square feet to their Faribault facility. The total project cost is $2,806,000 and is expected to create 20 qualifying jobs within the next two years. The Minnesota Investment Fund is assisting the project with a loan of $125,000 and the project will receive the $175,000 JCF award once it meets the established criteria.
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