EAGAN, Minn. — A spinoff of Woodbury-based 3M is closer to keeping its permanent headquarters in Minnesota after the Eagan City Council voiced its support for funding to renovate an existing vacant building for the space.
The council approved Solventum Corporation's applications for Minnesota Investment Fund (MIF) and Job Creation Funds at its meeting Tuesday, approving a resolution asking for $100,000 in loan forgiveness that the city said would otherwise go toward its revolving MIF fund.
The move comes after Solventum officially completed its spin-off from 3M in April. With its pending new facility, the health care company said it expects to create nearly 1,000 new jobs.
"It's a game changer, for sure," Jon Althoff, president of the Dakota County Regional Chamber of Commerce, said.
"The hope is that, you know, someone would come in, there would be a large enough size to move the employment needle, and can bring people in here to drive the economy within Eagan," he continued. "So, yeah, one thousand's a big number."
Along with Dakota County, businesses nearby are also excited to see a potential new tenant nearby.
"A nice little hour lunch break, having them come in and relax, that'd be awesome," Alex Mehralian, assistant GM of the Yankee Tavern across Highway 13, said.
Mehralian says business slowed during the pandemic and was even more challenging once Blue Cross Blue Shield moved out and downsized.
"It was a challenge, especially for the servers and the bartenders, not having enough to support themselves," Mehralian said.
The state agency working with Solventum is also happy for the area. In a statement, the Minnesota Department of Employment and Economic Development said, "DEED is excited that Solventum selected Eagan. Now that Eagan has confirmed its support to welcome Solventum in the community, we will work with the company to define next steps."
The City of Eagan and Solventum declined to comment until plans are officially approved.