![]() The company also received a $350,000 award from the Minnesota Job Creation Fund, a state program that provides financial incentives to new and expanding businesses.ĭue to the nature of the business, BIX will become one of the city’s highest water users, Heineman said. If the job goals are not met, the developer must pay back the subsidy. To get the TIF deal, the company must create at least 18 full-time jobs at an hourly wage totaling at least $12.35 per hour plus benefits within two years. “Little Canada has been great to work with.” ![]() “The TIF helps BIX invest more into the facility to provide a higher level of service for our customers, which ultimately helps us grow our business and our workforce,” Watson explained. The difference between the first assessment and the assessment made after the upgrades, estimated at $190,615, is captured by the city and returned to the developer as a reimbursement for improving the property, Heinemen explained. Those improvements will raise the value of the property, which in turn raises the taxes. BIX will continue to pay that amount for the next eight years while investing millions into improvements to the facility. Under TIF, the property is assessed by the county at the point of sale. The TIF deal ends in February 2028 or when the payments of principal and interest equal $190,615. To encourage the move, the Little Canada city council in November established the property as a Tax Increment Financing District, allowing the city to capture future property taxes and use them to reimburse the developer for site improvements. It was a pretty ideal situation for Slumberland.” ![]() “They really needed to either find a buyer or they would have been sitting on an empty property that was pretty unique to fill. “Their long-term intent was to consolidate that facility over to Oakdale,” Heineman said of Slumberland. The expansion will triple the size of the company’s current space. Slumberland moved most of its business to the former Imation headquarters in Oakdale in 2016.īIX will bring 400 existing jobs with it in the move and is expected to create 160 new positions over the next five years. Slumberland’s more than 200,000-square-foot facility is less than four miles from BIX’s current location, making it an easy transition for employees. “After 20 years of steady growth, we need a bigger space to meet customer needs and enable future growth.” Paul and wanted to stay, but we don’t have enough space in our current location and couldn’t find a big enough site in the city,” said BIX CEO Reed Watson. Improvements include building refrigerator and freezer space, and creating storage areas, processing stations and office space. Paul’s North End, purchased the Slumberland Furniture warehouse at 3060 Centerville Road in Little Canada. The purchase price and renovations will cost the company about $25 million. The fresh produce distributor, currently at 1415 L’Orient St. may begin moving to its new location in Little Canada as soon as this summer, thanks in part to city subsidies and a grant from the Minnesota Department of Employment and Economic Development.
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