~ Project expected to create and retain 525 jobs ~
St. Paul, MN — The Minnesota Department of Employment and Economic Development (DEED) announced today that it has awarded a $2,000,000 grant to an infrastructure project in Faribault.
During the second quarter of the year, DEED awarded this one grant through the Greater Minnesota Business Development Public Infrastructure Grant Program (BDPI). This Faribault project is expected to create and retain 525 full-time jobs and prepare Faribault for future growth.
“These infrastructure grants are an important way the state helps promote the economic vitality of communities in Greater Minnesota,” said DEED Commissioner Steve Grove. “This grant is expected to spark the creation and retention of over 500 jobs which will have a positive impact on Faribault and surrounding communities.”
The BDPI grant program supports communities outside the Twin Cities metropolitan area. Under the program, DEED awards 50% of eligible capital costs for the qualifying public infrastructure projects. These projects include wastewater collection and treatment, drinking water, storm sewers, and more.
The $2,000,000 grant will assist Faribault in extending a water main and constructing a water tower to serve an industrial park where Daikin Applied, Trystar, and other businesses are located. Daikin and Trystar currently employ 283 people and they plan to add more than 147 more full-time jobs in Faribault.
The industrial park also has vacant lots where additional businesses are expected to locate and create jobs. Private investment in the park is expected to be $63 million in the next five years. Total cost for the public infrastructure project is $5 million.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow us on Twitter.
Upon request, this information can be made available in alternate formats for people with disabilities by contacting the DEED Communications Office at 651-259-7161.
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