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.
Economy
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.
The state’s unemployment rate fell 0.2 percent as Minnesota employers added 10,800 jobs in November; the trade, transportation, and utilities sector—which includes the retail industry—added the most jobs during the month.
IronGate Data Centers is already preparing a 270,000-square-foot expansion to its 85,000-square-foot east metro data center; the company aims to attract “very large users” from the East Coast.
Vélo, which will cater to residents with active lifestyles, will offer 101 luxury units and its first level will include 12,000 square feet of retail space.
Despite warnings from economists that the “fiscal cliff” could have dire consequences for the U.S. economy, more than half of those who responded to a recent poll indicated that it might be sensible to take the plunge.
Eagan-based Prime Therapeutics and Bloomington-based The Nerdery are among 100 companies from across the country that received “Hire Power Awards.”
On Tuesday night, the Shakopee City Council will discuss Emerson’s request for a $6 million assistance package; an Emerson spokesman said Shakopee is one of “multiple options” that it’s considering for expansion.