Mortenson Construction was selected as construction manager for the new Vikings stadium; it could make up to $15 million for the project, although that figure could drop significantly if it’s unable to complete the stadium on schedule.
Business + Economy
Altec HiLine is awaiting approval for a $250,000 forgivable loan from the state that would aid its planned $1 million expansion in Duluth.
The 42-acre site on which FedEx wants to build is owned by Bremer Bank, but the company will lease it if the City of Maple Grove approves its building plans.
A plan from The Minnesota Sports Facilities Authority calls for 11 percent of Vikings stadium construction contracts to go to women-owned firms and 9 percent to minority-owned businesses; only work by Minnesota companies will count toward the goal.
A proposed expansion of taxes to business services could cause some local businesses to cut jobs or relocate; meanwhile, a Wisconsin lawmaker is trying to lure disgruntled companies across the border.
Construction on a total of 1,344 new Twin Cities homes began last quarter, up 57 percent from the same period in 2011 and the largest fourth-quarter growth since 2007.
It’s unclear what exactly the future holds for the property, but the new owner reportedly plans to disassemble the plant and will not reopen the paper mill.
Mayo Clinic plans to invest $3.5 billion in improvements to its facilities, but a broader initiative calls for the investment of public and private funds in an effort to boost economic development in Rochester.
Pinnacle Airlines, a regional carrier for Delta Air Lines, is moving to Minnesota and has been offered a $550,000 loan from the state, which will be forgiven if the company brings at least 200 jobs to the Twin Cities.
Access America Transport, which was recognized by Inc. magazine as one of the country’s fastest-growing private companies, plans to add 500 Twin Cities jobs during the next five years.
The Minnesota Chamber of Commerce contends that portions of Mark Dayton’s proposed tax reform will have a negative effect on the state’s business climate; some city officials, meanwhile, praised the governor’s investment in local government aid.
The company is comparing the cost and benefits of each location and pursuing state and local support for both locations.
Minnesota employers added 9,100 jobs last month following strong job growth in November.
The Kresge Foundation, led by former McKnight Foundation President Rip Rapson, unveiled a 50-year blueprint for Detroit and pledged $150 million to help revitalize the ailing city.
Chris Heim and Dan Mayleben, who specialize in acquiring and growing software firms, plan to expand their latest purchase, Axium, organically and through acquisitions.
The Metropolitan Council awarded a $545,300 grant for environmental cleanup at a Minneapolis site that the craft brewer is exploring—and the Minnesota Department of Employment and Economic Development has approved another $1 million in cleanup funding.
The 60,827 new filings within the state represented the second-highest annual total in Minnesota’s history; the record was set in 2009, but that spike was partly attributed to a change in filing practices.
Imperial Plastics reportedly plans to build a 69,120-square-foot facility in Mankato, where it intends to employ 125 people.