State Awards Boston Scientific $2.6M for Maple Grove Campus Expansion
Maple Grove’s largest employer, Boston Scientific, is getting $2.6 million in assistance from the state to help create jobs and expand its existing Weaver Lake Road campus.
The Massachusetts-based medical technology company is also getting closer to opening its new 400,000-square-foot Arbor Lakes campus along Interstate 694 in Maple Grove.
The Minnesota Department of Employment and Economic Development (DEED) announced on Tuesday funding to help with a 52,000-square-foot expansion of the Weaver Lake 4 building, which opened in 2022. The campus has four buildings. The expansion, according to DEED, would increase manufacturing and office space.
Boston Scientific’s total project investment is an estimated $131 million. It’s expected to create 440 new jobs within the first three years, according to a release from DEED.
“Very exciting, obviously, to us for Boston Scientific to continue their manufacturing expansion in Minnesota,” said Kevin McKinnon, DEED’s deputy commissioner of economic development and research.
Rendering of proposed expansion to the Boston Scientific Weaver Lake 4 building/courtesy Boston Scientific
The funding is part of $4.2 million in grants and loans awarded to three business expansion projects, which includes the Boston Scientific construction. Projects in Paynesville and Solway, Minn. were also awarded funds.
“These awards will help ensure Minnesota’s business ecosystem remains healthy and thriving,” said DEED Commissioner Matt Varilek.
According to DEED, Boston Scientific received $1.6 million from the state’s Job Creation Fund and $1 million from the Minnesota Investment Fund.
The Job Creation Fund provides financing to new and expanding businesses that meet certain job creation and capital investment targets. The Minnesota Investment Fund gives loans for capital equipment to help businesses add workers and retain jobs.
Boston Scientific won’t see all the money immediately– the grant comes a year or two down the line, once the company fulfills its plan of adding sustainable jobs.
Corey Bork contributed to this report.
