The Economic Development Association of Minnesota (EDAM) picked the Minnesota Job Creation Fund as the winner of its Economic Development Initiative Award this year.
The Economic Development Initiative Award is meant to recognize a creative new approach to meeting business or community needs in terms of workforce development, technology, housing or community facilities.
The Minnesota Job Creation Fund was proposed by Governor Mark Dayton to encourage job creation and capital investment by new or expanding businesses in the state.
In order to participate in this program, businesses need to be approved and designated by the Minnesota Department of Employment and Economic Development (DEED).
A business has to invest at least $500,000 in real property improvements within a year of being designated as a JCF business by DEED, and must create at least 10 new full-time permanent jobs with two years of the designation. The business has to work with the local government where the business is or will be located.
Since its launch in Jan 2014, the Minnesota Job Creation Fund has awarded $13.3 million to 26 companies in the state. These companies are investing more than $251 million and creating over 1,356 new full-time jobs.
DEED Commissioner Katie Clark Sieben said in a release announcing the EDAM award that they are truly honored to receive this award from EDAM that recognizes their innovative, pay-for-performance approach to economic development.
The award for the Minnesota Economic Development Department is one of several EDAM awards that were announced at the group’s Winter Conference.
Here’s the full list of the Excellence in Economic Development Award winners in all the categories:-
Business Retention and Expansion Award – Forest Lake, MN for the Teamvantage headquarters project;
Business Recruitment Initiative Award – Eagan, MN for landing the DataBank project as a result of its Access Eagan fiber network;
Economic Development Initiative Award – MN DEED for the Minnesota Job Creation Fund;
Economic Development Marketing Award – Greater St. Cloud Development Corp for the Job Spot Talent Portal;
Redevelopment Project Award – Oakdale, MN for the Tartan Crossing Project
Partnership Award – Burnsville, MN for Real World Ready Career Day
The Economic Development Association of Minnesota is a statewide organization that was originally established in 1967 as the Minnesota Industrial Development Association to serve as a forum for development professionals to exchange information and stay abreast with current economic development strategies and practices.