5/29/2024 9:56:15 AM
St. Paul, MN – Today, the Minnesota Department of Employment and Economic Development (DEED) announced $3.9 million in Job Creation Fund and Minnesota Investment Fund awards for nine business expansion projects statewide. The projects are expected to create or retain 225 jobs, and leverage nearly $56.3 million in outside investment.
"Minnesota is one of the best places in the country to start and grow a business," said DEED Commissioner Matt Varilek. "The Minnesota Investment Fund and Job Creation Fund are just two of many programs DEED offers to help businesses expand and offer well-paying jobs for skilled Minnesotans."
The Job Creation Fund (JCF) 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 and for constructing or renovating facilities or making other property improvements.
The Minnesota Investment Fund (MIF) provides financing to help add new workers and retain high-quality jobs – with a focus on industrial, manufacturing and technology-related industries – increasing the local and state tax base and improving Minnesota's economic vitality. Funds are awarded to local units of government, which provide loans to assist expanding businesses. Some of the loans may be forgiven if specific goals are met.
Details on individual projects below:
Chandler Industries is a multi-site manufacturer of precision machines and fabricated sheet metal components and assemblies. Chandler serves customers in the aerospace, defense, industrial, medical, semiconductor and electronic connector markets. The total project cost is expected to be $743,988 and consists of the purchase and installation of machinery at the company's existing, 100,000-square-foot Blaine facility. The project is expected to create 14 new jobs.
J&L Wire Cloth LLC manufactures galvanized wire decking and shelving used in the warehouse, storage and material handling industries. J&L also produces galvanized woven wire flooring and confinement hardware for agriculture applications. The proposed project is a new, 30,000-square-foot building along with new manufacturing, handling and assorted ancillary equipment. The expected total project cost is $9.5 million. J&L expects to create 15 jobs within the first three years.
Kato Engineering – a Nidec company – designs and manufactures products that provide prime and backup power for critical infrastructure applications like defense, data centers and hospitals, as well as for the commercial sector, including retail and manufacturing. The DEED funding is part of an overall $7.2 million project, which will expand the testing capabilities at the company's existing 350,000-square-foot North Mankato facility to improve efficiency and production capacity. The project is expected to create 42 jobs within two years.
LISI Medical — a division of LISI Group — is a medical device manufacturer that specializes in implants and instruments for minimally invasive surgery, as well as orthopedic, spinal and trauma surgery. The proposed project will expand the existing Big Lake facility by approximately 45,000 square feet, bringing it to a total of 152,000 square feet. The total project cost is $23.5 million and is expected create 30 jobs within the first three years.
North Woods Finishing is a residential and commercial cabinet finisher that works with cabinet makers and home builders and handles all aspects of pre-finishing, spray finishing, sanding, assembly and packaging. The proposed project includes purchasing new equipment, computers and furniture, as well as renovating a newly acquired facility. The total project cost is $1.65 million and is expected to create 12 jobs.
NVE Corporation develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. It manufactures spintronic products including sensors and couplers used to acquire and transmit data. The MIF funding will be used to buy new equipment that will provide smaller, lower power, more precise Wafer Level Chip Scale Package magnetic sensors, enhance domestic sensor manufacturing and strengthen magnetic sensor technology. The total project cost is approximately $4.7 million and is expected to create up to 15 jobs.
Pace Analytical Life Sciences is a contract analytical testing laboratory that offers commercial product release and stability testing for raw materials, active pharmaceutical ingredients, finished pharmaceuticals and biologics using a full spectrum of chemistry, biopharmaceutical and microbiological techniques. The proposed project involves leasing and renovating a 7,864-square-foot office space in the Oakdale office park where the existing facility is located. The total project cost is $3.6 million and is expected to create 59 jobs.
SOMIC Packaging, Inc. manufactures compact and versatile end-of-line automated case packaging equipment for various industries with complex packaging demands. SOMIC is expanding by building a new, 48,000-square-foot facility in Inver Grove Heights. The proposed project involves adding restrooms, lunchroom facilities and a commissioning hall, and is projected to cost $8.1 million dollars. The project is expected to create 23 jobs.
Epic Real Estate Ventures LLC dba Yoyo Donuts is a nut-free bakery specializing in donuts that distributes across the United States. Yoyo Donuts has a production facility in Minnetonka that provides product for the current Walker store front. As the Walker facility undergoes renovations to include production and expand storage and shipping capacity, MIF funds will be used to purchase new production equipment. The total project cost is $991,812 and is expected to create 15 new jobs.
Economic Development
grants
communities
