State of Minnesota has partnered with Polaris to aid expansion, job creation

ST. PAUL, MN - Governor Mark Dayton visited Roseau today to participate in Polaris Industries' 60th Anniversary celebration. During the anniversary festivities, the Governor congratulated Polaris on their continued growth and wished the homegrown company success into the future.

"Minnesota has been home to Polaris for nearly 60 years," said Governor Dayton. "During that time, the company's continued expansion has created thousands of new jobs for hard-working Minnesotans. I congratulate Polaris on its tremendous success."

In 1954, Edgar Hetten developed the first modern snowmobile in his Roseau garage. He later founded Polaris in 1960, which has since grown into a global business with more than 5,000 employees and nearly $2.7 billion in annual revenue.

During the last several years, Polaris has continued to grow in partnership with the State of Minnesota. Using economic development incentives funded by Governor Dayton and the Minnesota Legislature, Polaris has broken ground on several job creating expansions across the state.

Research and Development Facility (Wyoming, MN) - In September 2012, Polaris began a 144,000 sq. ft. expansion of their research and development facility. To help facilitate the project, the Department of Employment and Economic Development provided Polaris a $400,000 loan from the Minnesota Investment Fund. The project is expected to create at least 115 new jobs.

Headquarters Expansion (Plymouth, MN) - Polaris announced plans to construct a second headquarters in Plymouth in August 2014. The new facility will house 400 employees and a variety of business operations. The Department of Employment and Economic Development is assisting with the expansion with $800,000 from the Minnesota Job Creation Fund. Polaris will receive the funding once it has completed the expansion and added the jobs. [Read more]

About the Minnesota Investment Fund
During the last decade, the Minnesota Investment Fund generated a 24-to-1 return on investment and created thousands of jobs. The Governor invested $30 million of ongoing funding in MIF - an initiative that provides competitive loans to help encourage local firms that have options outside the state to expand here and provide incentives for firms outside Minnesota to locate in our state. This investment is expected to leverage $628 million in additional private investment and create over 3,400 new jobs.

About Minnesota Job Creation Fund
Governor Dayton invested $24 million in the Minnesota Job Creation Fund - a performance-based incentive program for businesses. The new Fund provides targeted incentives, awarded on a project-by-project basis, to businesses that need state incentives to expand or locate here in Minnesota. This investment is expected to leverage $450 million in additional private investment and create over 5,000 jobs.