For more information contact: Matt Privratsky 651-296-6860
State Rep. Tim Mahoney
Minnesota House of Representatives
District 67A 651-296-4277 – firstname.lastname@example.org
591 State Office Building, St. Paul, MN 55155
FOR IMMEDIATE RELEASE
CONTACT: Matt Privratsky 651-296-6860
July 18, 2013
Company moves headquarters from Wisconsin to Minnesota with help from Minnesota Investment Fund
Move will bring nearly 100 new jobs to Minnesota
St Paul - Valley Cartage Group Inc. opened its new headquarters and logistics center in Lake, Elmo, Minnesota, a move that is expected to bring 96 jobs to the region. The company moved its headquarters from Hudson, Wisconsin, to a 26,000-square-foot building in Lake Elmo’s Eagle Point Business Park. The firm plans to relocate 46 jobs from Wisconsin to its new facility and add 50 new jobs at the site.
Rep. Tim Mahoney (DFL – St Paul), Chair of the House Jobs and Economic Development Committee, is happy to see Minnesota continue as a great place to do business.
“Minnesota is a great place to do business and these new jobs clearly show that,” said Rep. Mahoney. “Each new job created is going to help support families in a Minnesota community and keep our economy moving forward. This kind of job creation is exactly why we chose to invest in the Minnesota Investment Fund and other proven job creation initiatives.”
The Minnesota Department of Employment & Economic Development (DEED) awarded Valley Cartage a forgivable loan from the Minnesota Investment Fund of $500,000, and the company may also apply for training funds from DEED’s Minnesota Job Skills Partnership. In addition, a local property tax abatement and energy credits were a part of the economic development package, which is contingent on job and wage goals being met.
After a decade of disinvestment in economic development, the Minnesota legislature this year invested $100 million in economic development – a near $60 million increase. The new resources will focus on proven job-creating initiatives, such as the $30 million included for the Minnesota Investment Fund, the state’s leading job creation tool. DEED estimates that in the last eight years, it has funded 53 projects through MIF and has leveraged over $587 million in private investment.
This year’s budget will also save employers almost $350 million over the next two years by reducing the rate that employers pay on unemployment insurance taxes. The average MN employer will save $150 per employee. According to non-partisan House Research, it could be the biggest business tax cut in state history.
Recent figures show Minnesota’s unemployment rate to be 5.2%, the lowest it’s been in over 5 years. The state continues to be an economic leader compared to the rest of U.S. which has an unemployment rate of 7.6 percent.
No image galleries found