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The city has promised millions in subsidies tied to jobs created by Target, Olympus Surgical and Baxter. Target would get about $5 million in property tax reductions after it fills 3,000 mostly information technology jobs in the twin towers that are expected to open this fall.
Olympus has said it plans to move 265 workers to its new research and manufacturing plant from five other facilities in Maple Grove. The company also is expected to add more space and another 100 jobs in future years. The city and state have pledged up to $2.25 million in assistance to Olympus to help improve infrastructure and extend a street to the site. The local and state aid is linked to the new jobs at the plant, scheduled to open in September.
Baxter expects to create more than 190 skilled jobs at its remodeled plant; jobs that are tied to more than $2 million in city tax increment funds and property tax reductions, and up to $10 million in state subsidies.
The subsidies also require the Fortune 100 pharmaceutical company to invest $10 million by 2018 in the renovation of the vacant plant it bought for $9.9 million early last year. The company plans to add more space and employees after 2018.
Jim Adams • 612-673-7658