Four Minnesota Companies Receive State Incentive Grants
"The Job Creation Fund plays an important role not only in job creation but also in enhancing a community's tax base by supporting these investments," said DEED Commissioner Shawntera Hardy. "This program continues to have a proven track record of spurring economic development statewide."
Grants awarded during latest funding round include:
Stoneridge Software in Barnesville received an incentive of $140,000. Stoneridge will invest $725,000 to expand their operations to 75,000 square feet of newly renovated office space in Barnesville, a city of 2,600 people in Clay County, about 25 miles southeast of the Fargo-Moorhead metropolitan area.
Modern Automotive Performance in Cottage Grove received a $135,013 grant. Modern Automotive Performance, an automotive products e-commerce retailer based in Cottage Grove, will invest $1.6 million and create 21 jobs in an expansion of its facilities.
The company will build a 24,000-square-foot addition that will double its capacity to serve customers and the car community.
Vickerman Company in Norwood Young America received an incentive of $110,000. Holiday décor manufacturer and distributor Vickerman Co. will invest $6.9 million and create 11 jobs in an expansion of its storage and distribution center in Norwood Young America. The company plans to add 118,000 square feet at the facility, part of a consolidation of space currently spread across four sites nationally.
Cantilever Bridge Distillery in Ranier received $175,000 and will invest $5.7 million to build a 14,000-square-foot spirits manufacturing facility in the northern Minnesota community of Ranier, a city of about 145 people, located 3 miles east of International Falls in Koochiching County. Plans call for distilling several types of liquor for regional and international sale.
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