Polaris Industries Breaks Ground on Expansion of Product Development Center
- Oct 08, 2012
Polaris Industries Inc. recently broke ground on an expansion of a product development center near Wyoming, Minn.
Various Polaris executives, politicians and civic leaders attended the groundbreaking ceremony, including U.S. Sen. Amy Klobuchar, U.S. Congressman Chip Cravaack and Commissioner Mark Phillips of the Minnesota Department of Employment and Economic Development (DEED). “This investment is an important boost to the local economy and will help maintain Polaris’ place as an industry leader and innovator,” said DEED Commissioner Phillips.
The StarTribune reports the Polaris Industries is set to spend $20 million to build the 144,000-square-foot addition to its existing facility, located on 620 acres of land around 30 miles north of Minneapolis. The contractor, Ryan Cos., will start construction next week, and the project is expected to be finalized by August of next year.
Polaris first opened the product development center in 2005, with the help of the state’s JOBZ tax incentive program, Ryan Cos. having led construction of the original building. “We were excited when Polaris chose Ryan to construct its product development center in 2005, and we’re feeling that excitement again as we partner with Polaris to expand the facility,” said Pat Ryan, president & CEO of Ryan Cos. US Inc.
Polaris is expecting to transfer around 100 employees into the new space and ultimately plans to add another 300 workers to the facility over the next three years. Greater MSP, the region’s economic development partnership, coordinated the effort to compile a package of financial incentives to help Polaris expand. A mix of R&D credits, JOBZ financing, job training support, infrastructure improvements and other incentives were drawn up in collaboration with Chisago County, the city of Wyoming and DEED to support Polaris’ project.
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Image Courtesy of: www.ryancompanies.com