The Minnesota Department of Employment and Economic Development (DEED) today announced $2.1 million in funding for three Minnesota businesses.
These businesses are expanding their locations or moving to Minnesota and are expected to create 165 new jobs over the next three to five years. This funding is expected to leverage more than $19.5 million in investment to the state.
“One hundred and sixty-five new jobs are coming to Minnesota with the help of state dollars,” said DEED Commissioner Steve Grove. “These expansions will help grow the Minnesota economy for years to come and pave the way for future economic growth.”
The Job Creation Fund (JCF) 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.
The Minnesota Investment Fund (MIF) 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.
Cirrus Design Corporations, Duluth – $500,000 MIF – $695,000 JCF
Founded in 1984 with headquarters in Duluth, Cirrus Aircraft manufactures the best-selling SR Series single-engine piston aircraft and the Vision Jet, the world’s first single-engine Personal Jet. Every Cirrus plane delivers with the revolutionary Cirrus Airframe Parachute System (CAPS), and the Vision Jet is additionally equipped with the award-winning Safe Return Autoland system, allowing passengers to land the aircraft with the touch of a button.
Cirrus is purchasing an existing Maintenance, Repair and Overhaul (MRO) building at the Duluth Airport and converting it to a Product Development Innovation Center. The total project cost is just over $4 million and is expected to create 80 jobs over the next three years with an average wage of $45.97 per hour.
King Technology Inc., Minnetonka – $617,000 JCF
King Technology is a researcher, developer, and manufacturer of specialized sanitizing solutions for the recreational water industry. The company will buy an existing building in Minnetonka to expand its operations and allow for future growth. The total project cost is $14.5 million and will create 50 jobs with an average wage of $42.57 per hour.
Pelican Bio Thermal, LLC – Maple Grove – $315,000 MIF
Pelican Bio Thermal was founded in 2004 and recently moved to Maple Grove. This project will expand manufacturing capacity with the addition of a new product line and high-speed automation machinery. The total project is expected to cost just over $1 million and create 35 jobs with an average wage of $24 per hour.