Mystery company seeking $1 million loan for St. Paul jobs

Quiz time.

It’s a company that has operations all over the country.
It’s already doing business locally.

Who is it?

We’re pretty sure it’s not a soccer team, but that’s about all the information we’ve got about a company that’s asking the state for $1 million, the Pioneer Press reports.

Both the St. Paul Port Authority and the Minnesota Department of Employment and Economic Development are refusing to identify the company that’s asking for a $1 million forgivable Minnesota Investment Fund loan to expand local operations. It’s also seeking a $400,000 grant from DEED.

The company won’t have to pay the loan back if it creates at least 250 jobs paying at least $13 per hour.

“Without the inducement of MIF, these jobs may not be created in St. Paul or anywhere in Minnesota,” Port Authority CFO Laurie Hanson wrote in a memo urging action in the next several weeks. “Before the loan is approved by the State, the company’s identity will be known.”

  • Gary F

    Crony capitalism, the public private partnership, is now the new norm. Sad.

    • John

      I don’t think it’s the new norm. I think it’s the same norm it’s always been.

      The railroads spring to mind as an early example.

  • Joe

    I hate when companies pit cities against each other to squeeze the maximum public dollars for themselves. At least the Vikings did it in public so we could object, but now we don’t even know what we are dealing with.

  • tboom

    If we’re playing that game, we should demand double that $13/hr. threshold.

  • Kassie

    I don’t understand how DEED and the Port Authority are allowed to not name the company. I assume media outlets are doing FOIA requests on the data. Are they just stalling in getting those back? It should be public information unless they have some obscure law/rule they are hiding behind.

  • blindeke

    weird

  • Gary F

    Transparency is kinda a thing of the past now with St Paul government now, huh?

  • jon

    250 full time jobs?

    250 jobs * $13/hr * 40 hours/week*52 weeks in a year = $6.7 million a year (and they have two years to deliver, but no mention of how many years they have to keep those jobs.)

    Depending on all the details it might not be a bad deal… if they have to keep the jobs there for a number of years, and the property they are acquiring is going to generate enough additional tax revenue…

    It’s not as bad as some of the deals where companies are paid $100,000 from the city for one $50,000 a year job.

  • Jack Ungerleider

    It seems to me that the company may need to get some other things in order before the knowledge of who it is can be made public. Of course we could just start guessing.

  • Jack

    MPR is building again? Just kidding.