Minnesota's Department of Employment and Economic Development (DEED) has provided roughly $6 million in state assistance to a planned med-tech campus in Maple Grove that will be home to Boston Scientific Corp. (NYSE: BSX)
DEED said Monday that it approved a $1.75 million grant from its Job Creation Fund for the Boston Scientific campus, as well as $4.25 million that will back a municipal loan to help finance the project.
The 400,000-square-foot Boston Scientific campus, which is expected to cost $170 million total, is forecast to create approximately 300 jobs within the first three years, DEED said.
Plans for the facility has been in the works since co-developer Ryan Cos. announced the project earlier this year in May. The facility will include corporate offices, labs, administrative spaces and loading dock facilities, according to Ryan Cos., who closed on a 100-acre site for the project in September for $13.9 million. Construction also received the vote of approval from the Maple Grove City Council in August, and is expected to be complete by the fourth quarter of 2025, the company previously told the Business Journal.
The Minnesota Investment Fund primarily finances industrial, manufacturing and technology-related industries that will meet certain job creation targets. DEED's investment in Boston is part of the state department's most recent business expansion funding, which gave a total of $7.45 million across six organizations. While Boston Scientific received the front load of that cash, DEED expects all six organizations to together create 430 jobs and more than $270 million in outside investment.
"These awards will help ensure Minnesota's business ecosystem remains healthy and thriving," said DEED Commissioner Matt Varilek, in a statement.
