FARIBAULT, MN — On July 22, Minnesota's Department of Employment and Economic Development or DEED announced the award of a $2 million grant to an infrastructure project in Faribault City.
DEED awarded this single grant during the second quarter of the year under the Greater Minnesota Business Development Public Infrastructure Grant Program (BDPI). The BDPI grant program benefits municipalities located beyond the metropolitan area of Minneapolis and St. Paul.
The investment in this project is intended to create and keep 525 full-time employment and prepare the city for future growth.
“These infrastructure grants are an important way the state helps promote the economic vitality of communities in Greater Minnesota,” DEED Commissioner Steve Grove Stated. “This grant is expected to spark the creation and retention of over 500 jobs which will have a positive impact on Faribault and surrounding communities.”
DEED awards 50 percent of eligible capital expenditures for qualified public infrastructure projects under the program. Wastewater collection and treatment, as well as drinking water and storm sewers, are some of the projects being undertaken.
The $2 million award will help Faribault extend the water main and build a water tower to serve an industrial park that is home to Daikin Applied, Trystar, and other firms. Daikin and Trystar presently employ a total of 283 people in Faribault and aim to add over 147 additional full-time employees.
Moreover, the industrial park contains undeveloped land on which additional enterprises are projected to locate and create jobs. The park is scheduled to receive $63 million in private investment over the following five years. The public infrastructure project will cost a total of $5 million.
This is original content from NewsBreak’s Creator Program. Join today to publish and share your own content.