The mayor also called for a 1.7 percent hike in the city’s property tax levy, although he said that most Minneapolis homeowners are not expected to experience an increase in their city property taxes.
Business + Economy
July marked the second consecutive month of job gains, although Minnesota’s unemployment rate rose slightly.
Chris Coleman’s proposed 2013 budget would reduce spending by $1 million, increase the property-tax levy by 1.9 percent, and restore $1 million in funding to the police department.
Year-to-date, the number of new business filings in Minnesota is up 16 percent from the same period last year.
WSI Industries said that its 47,000-square-foot expansion will accommodate new machinery and new employees.
The new office, which aims to stimulate exports, will assist businesses in learning about opportunities abroad, among other functions.
The new stores will be built in an area of western North Dakota where population growth is occurring thanks to booming oil production.
The Minnesota Department of Employment and Economic Development will begin accepting applications in November for the $12 million in credits that’s available next year.
The retailer released preliminary second-quarter financial results showing year-over-year improvement, a move that’s presumably in response to recent criticism from an investor and would-be buyer.
Minneapolis is now accepting proposals from developers to build 100 “green” homes in North Minneapolis over the next five years using $3 million in grants and loans.
The company, Flagstone Foods, is hiring for more than 30 positions at its new headquarters building.
The annual Midwest U.S.-Japan Association Conference will bring together business representatives from the Midwest and Japan, as well as government officials, to explore strategies for enhancing business relationships.
A new report released by The Itasca Project outlined several strategies for building such collaboration, including aligning academic offerings with work force needs and regional businesses partnering with colleges and universities to co-create research and innovation agendas.
Some high-profile projects—like the proposed St. Paul Saints ballpark and the Southwest Corridor light-rail line—previously announced plans to seek a share of the state funding, but 90 applications have now been filed.
In the two years since its inception, the Angel Tax Credit Program has attracted more than $126 million in private investments for small and emerging companies in the state.
The Twin Cities ranked high for education but received low marks for job growth and cost of doing business; overall, however, the metro area moved up considerably in this year’s ranking.
How much should we trust the monthly unemployment reports?
St. Paul will ask for more than half of the $47 million that the state has set aside for economic development projects—and it faces growing competition for those dollars.