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Dec 21st

Minneapolis approves $200,000 in Grow North funding

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minneapolis skylineOn Friday, April 25, the Minneapolis City of Council approved $200,000 in Grow North funding and a Tax Increment Financing package of $451,500 to support the DC Group's expansion in North Minneapolis. The DC Group plans to renovate and expand its facility located at 1977 West River Road, Minneapolis. DC Group, a 2013 "Best in Business" award recipient from the Minneapolis Regional Chamber of Commerce, is the first recipient of Grow North program funding. The City investments are expected to assist in bringing 33 new jobs to North Minneapolis with 15 of the jobs targeted to local Northside residents. Minneapolis has set a goal of attracting 1,000 new jobs to North Minneapolis in the next five years.

"DC Group is very excited about expanding our corporate headquarters at the corner of West Broadway and West River Road," said Charlie Kramer, Chief Financial Officer of DC Group. "In the early stages of planning, it became clear to DC Group management that there were going to be financial hurdles that may have prohibited moving forward with this project. It is only through the cooperation and pro-active efforts of City staff and officials that we were able to find a solution that allowed us to remain at this location. We are grateful for the help and support throughout this process and DC Group is looking forward to continuing to be a productive, contributing member of the Minneapolis business community."

Grow North is a financial incentive package offered by the City of Minneapolis aimed at bringing jobs-intensive business investment to North Minneapolis. The program is focused on connecting North Minneapolis residents with jobs created by new and expanding North Minneapolis companies. Grow North offers forgivable loans of up to $200,000 to businesses locating or expanding in North Minneapolis who provide 15 jobs to residents of North Minneapolis and pursue a high level of green construction for any new construction and/or building renovations.

"DC Group is an important business in North Minneapolis and I appreciate their commitment to investing in their plant, their employees, and hiring Northside residents," said City Council Member Blong Yang, who represents Ward Five where the DC Group is located. "I am very excited they have chosen to stay and grow on West River Road, and I am proud to support this investment with City financial assistance. This is our first step toward our goal of 1,000 new Northside jobs in five years."

Additional Grow North tools include homebuyer down payment assistance grants to Grow North company employees who buy a home in North Minneapolis, as well as recruitment and workforce training resources to assist Grow North businesses develop and retain a skilled labor force.

Founded in Minneapolis in 1969, DC Group is one of the nation's largest providers of maintenance and repair service to users of uninterruptible power systems, such as government, hospitals, critical data centers, and similar users. The DC Group has outgrown its West River Road facility, but wants to remain in its current location. The renovation will include approximately 15,000 square feet of the existing facility and the construction of an additional 23,500 square feet of new space including an 86-stall parking structure. The addition and renovations are estimated to cost $6 million.

The DC Group also was one of the first recipients of the State of Minnesota's new Job Creation Fund, administered by the Minnesota Department of Employment and Economic Development (DEED). On April 4, 2014, DEED announced a Job Creation Fund grant award to the company of $535,000.
 

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