Maple Grove Reviews Plans for 71,000 Square-Foot Med-Tech Facility
The Maple Grove Planning Commission reviewed plans Monday for a significant future med-tech construction project. ProMed Molded Products, Inc. wants to build a 71,000 square-foot facility on undeveloped land. The building would front Interstate Highway 494 at Wedgwood Road and 67th Avenue.
ProMed was founded in 1989 and is headquarted in Plymouth. The company specializes in molded products for the med-tech industry, including drug-eluting implantable devices. The proposed two-story building would allow for a future 10,000 square-foot expansion. ProMed would take up most of the building, but would also serve as a “tech incubator,” offering leased space to smaller med-tech companies.
The company had planned to break ground July 4, but due to the COVID-19 outbreak, that has been pushed to next spring. Maple Grove Planning Commission Chair Larry Colson is hoping the novel coronavirus won’t delay plans that long.
“It a really nice looking building,” said Colson. “I’m really looking forward to having it.”
The project is expected to create 185 new jobs within three years of project completion. The facility would house 125 ProMed workers and another 60 tenant workers.
ProMed Requests Public Subsidy for Project
Under the proposal, ProMed would receive a public subsidy through the form of tax-increment financing (TIF), a development tool that allows companies to divert or receive a refund on taxes to help fund infrastructure improvements. This TIF district would have a maximum term of nine years.
Brett Angell, economic development manager at Maple Grove, says the nine-year term would provide a total of about $600,000 in tax relief.
Commissioner Joe Piket, a business owner himself, wondered if there’s a need for TIF.
“While we’re grateful to have a new employer and a nice building coming in, I don’t see it meeting the threshold for giving a significant tax break.”
The TIF recommendation was approved 4-3. Colson and Commissioner Lorie Klein concurred recommending against the TIF.
The Maple Grove City Council is expected to vote on whether to approve the plans and the public subsidy at its next meeting, Monday, April 6.
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