Golden Valley is on the short list of potential locations for a health care project that would bring more than 100 new jobs and an investment of up to $40 million to the city.
Baxter Healthcare Corp. is interested in building out a space at 201 General Mills Blvd. in the Twin Cities suburb for an “R&D Center of Excellence,” one of only four such facilities in the world, according to city documents. Chicago is also in the running for the project, the city said.
The Deerfield, Illinois-based company’s $30 million to $40 million investment would create 100 new jobs over the next two years, the city said. In addition, the company would move 70 jobs from its existing operation in Plymouth to the city.
Baxter Healthcare wants the Minnesota Department of Employment and Economic Development to sweeten the pot for a potential Golden Valley location. If Baxter meets job creation and retention goals, the company would be eligible for a $2 million Minnesota Investment Fund award and a $1.2 million loan from the Job Creation Fund award, the city said.
The money would be awarded to the city and passed on to the company as a “repayable loan,” so the city is required to hold a public meeting and adopt a resolution to act as the “legal sponsor” for the project, the city said. The public hearing and resolution are on the agenda for Tuesday’s City Council meeting .
Mary Haugen, a DEED spokesperson, said the Job Creation Fund and Minnesota Investment Fund awards are not public until they are officially awarded.
“The funds for these programs are awarded on a rolling basis. Neither are competitive award programs, so the awards are based on project eligibility criteria,” Haugen added in an email.
Finance & Commerce reached out to Baxter Healthcare for comment.
Cheryl Weiler, Golden Valley’s communications director, said Monday that the city doesn’t comment on agenda items up for a public hearing until after the meeting.
Known as the Bassett Creek Innovation Center, the 90,000-square-foot Golden Valley property was recently on the market for $16.95 million. Hennepin County property records show that the building most recently sold for $13 million in 2019. The estimated market value for tax purposes is $12.3 million.
A marketing brochure from Upland Real Estate Group shows that the 20-acre site includes space for a potential three-story, 120,000-square-foot expansion. The building, built in 1998, is easily accessible from Interstate 394, Highway 169 and Highway 55, and offers amenities such as a “grab and go caf, fitness center, and “training facility for large corporate events,” according to the brochure.
Baxter offers diagnostic, critical care, kidney care, nutrition, hospital and surgical products for hospitals, physician offices and other healthcare sites, according to its website. The company’s products, digital health offerings and therapies are available in more than 100 countries.
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