Princeton’s economy is getting a helping hand from the state in the form of a grant for expanding its industrial park.
Recently, the Minnesota Department of Employment and Economic Development announced that it would provide a grant in the amount of $750,000 to the city of Princeton for the purpose of increasing the size of its industrial park. According to Governor Walz, the money is part of $2.3m the state is distributing to three cities, with the other communities being Bemidji and Hutchinson.
As one of the three projects selected by the Greater Minnesota Business Development Public Infrastructure Grant Program, Princeton will be able to increase its industrial park by 44 acres, which will mean an additional five more lots can be designated for industrial development.
As new enterprises move into the city’s industrial park, already established businesses within the city will receive a boost as well, with restaurants, gas stations, and even Print shops – which will supply business Stationery and employee handbooks – likely to see more demand for their services.
The city predicts that the grant will add private development of approximately $63m, along with 801 new jobs. Already, Element Group, which deals in metal fabrication and finishing, has made a commitment for one of the new lots. The company plans to build a $15.6 million facility that will employ a workforce of around 165 employees.
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