MINNETONKA — A Minnetonka-based business has been awarded $450,000 to help create more jobs in the area.
The Minnesota Department of Employment and Economic Development (DEED) awarded $1.5 million from the Job Creation Fund to six Minnesota businesses, including CWT (formerly Carlson Wagonlit Travel) in Minnetonka, DEED said in a May 15 news release says.
CWT is a business travel management company. The Job Creation Fund money will go toward the company’s $9.25 million renovation project, the release says.
In a statement to Lakeshore Weekly News, Vice President Tony Wagner said the company “is reconstructing its office space” at 701 Carlson Center “to a more open and engaging environment with space and amenities to accommodate the additional job growth ...”
The Job Creation Fund money will partially offset the capital costs of the renovations, Wagner said, but “is primarily a job creation grant tied to growth at CWT, especially in the CWT Meetings & Events business division.”
Wagner said the division is “experiencing tremendous growth, and the Twin Cities are an excellent market for talent.” The company expects the fund will create 75 jobs within three years that pay an average of $32.36 an hour, the DEED news release said.
“... This grant was impactful in prioritizing placement of these future employees in Minnesota vs. our office locations across the United States or around the world,” Wagner added.
The other companies that were awarded Job Creation Fund money are: Alexandria Industries in Alexandria, MinMor Industries in Mora, Reprocessed Plastics in Garfield, Sage Electrochromics in Faribault and McLaughlin Gormley King Co. in Brooklyn Park.
DEED says the money will create 200 new jobs in Minnesota over the next three years.
“The Job Creation Fund is a critical tool for creating and retaining jobs in Minnesota,” DEED Commissioner Steve Grove said in the news release. “Tomorrow’s high-quality jobs are created by today’s growing companies. It is critical that we connect with these growing companies and use the Job Creation Fund to ensure that Minnesota residents have the great jobs they need.”
The Job Creation Fund is a pay-for-performance program that provides money to businesses that meet certain criteria.