Minnesota is now ready to award money under a new business incentives program that state officials announced Friday.
The $24 million Minnesota Job Creation Fund, proposed by Gov. Mark Dayton and passed by the Minnesota Legislature in 2013, will replace the state's JOBZ program, which is set to expire in 2015.
The new fund offers up to $1 million -- and in some cases as much as $2 million -- to businesses after they meet certain criteria. Businesses must create at least 10 full-time jobs and invest at least $500,000 in their own developments, among other things, to be eligible.
The state estimates the program will create an estimated 5,000 new jobs and attract another $450 million in private investment.
The details are here, but to be designated a Job Creation Fund business, a business must, at minimum:
• Be engaged in an eligible business activity
• Obtain local government support for their project via council resolution
• Invest at least $500,000 in real property improvements within one year of becoming a designated Job Creation Fund business
• Create at least 10 new full-time permanent jobs within two years of becoming a Job Creation Fund business while maintaining existing employment numbers
• Pay at least $12.45 in wages and benefits adjusted annually based on 110 percent of federal poverty guidelines
• Have other location options outside of Minnesota
• Cause no undue harm to Minnesota business competitors
• Certify that the project would not occur without Job Creation Fund assistance
Projects that begin prior to becoming designated by DEED are not eligible for the Job Creation Fund.
Once a business meets all the criteria listed and gets all the paperwork out of the way it can receive:
