Cohasset Manufacturing Plant Receives DEED Funding | Focus on the hometown
COHASSET – Eleven Minnesota companies, including a manufacturing plant in Cohasset, are investing up to $ 607 million in the state, leveraging awards from the Minnesota Department of Employment and Economic Development (DEED) totaling $ 6 million of dollars. Of that $ 6 million, just under $ 3 million comes from the Job Creation Fund (JCF), while just over $ 3 million comes from the Minnesota Investment Fund (MIF).
Five companies in Greater Minnesota and six in the Metro Twin Cities area receive grants once they meet all established criteria. These projects are expected to create 658 new jobs at their project sites and retain 372.
These investments through the JCF and MIF programs build on the recent launch of Minnesota’s âBuild What Mattersâ campaign as well as a recent trade mission promoting Minnesota as the problem-solving capital of the United States. Minnesota has a long history of building companies that effect global transformations in a variety of industries.
JCF offers financial incentives to new and expanding businesses that meet certain goals of job creation and capital investment. Eligible businesses can receive up to $ 1 million for creating or maintaining high-paying jobs and for building or renovating facilities or making other property improvements. Companies that invest more than $ 25 million are eligible for up to $ 2 million in JCF benefits. Eight Minnesota companies received JCF awards.
Seven companies received an MIF award. The MIF provides loans of up to $ 1 million to businesses that create and maintain high-quality jobs with a focus on industrial, manufacturing and technology industries to increase the local and national tax base and ‘improve Minnesota’s economic vitality.
Huber Engineered Woods was the largest recipient of this DEED award group. The company is a subsidiary of JM Huber Corporation and is a leader in specialty engineered lumber and high performance building solutions. The company is increasing its manufacturing capacity in Cohasset with a new 800,000 square foot factory. The total cost of the project is $ 439 million and it is expected to create 123 eligible jobs in the first three years, with an average wage of $ 31.33 per hour.
In addition to funding from MIF and JCF, this project will receive $ 35 million in assistance from the Department of Iron Range Resources & Rehabilitation and the 21st Century Fund, $ 12 million via a TIF from the city of Cohasset, a tax abatement $ 6 million from Itasca County, $ 6.5 million from MN Power and $ 2 million from MN BDPI. All state funding will be released once the project meets the established award criteria.
The 10 other funded projects are:
â¢ Associated wholesale
Grocery Stores, Inc. St. Cloud:
FCJ, $ 175,000
â¢ Chemstar products
Company, Carlton: JCF,
â¢ Clear Edge technique
Fabrics, Brooklyn Park: MIF
â¢ Data Metalcraft Inc, Arlington: JCF, $ 175,000; MiFID,
â¢ Home Depot United States,
Rosemount: MIF, $ 375,000
â¢ Company of dairy specialties, Clara City: JCF,
$ 175,000; FIM, $ 450,000
â¢ Pelican Bio Thermal,
LLC, Maple Grove: MIF,
â¢ Qorvo Biotechnologies,
Plymouth: JCF, $ 175,000
â¢ Switchback Medical, LLC, Brooklyn Park: $ 175,000 JCF; FIM, $ 400,000
â¢ The Outdoor GreatRoom Company LLC, Lakeville: JCF, $ 160,000