ROCHESTER, Minn. - A collaborative effort is underway to keep a long-time Med City manufacturer from taking its business to another state.
Crenlo Engineered Cabs was considering moving operations to Iowa and North Carolina. However, Rochester Area Economic Development Inc., the city and the state came up with a combined $750,000 in forgivable loans to keep the manufacturer local.
The proposal has $450,000 coming from the state's Minnesota Investment fund and $300,000 coming from the city's Economic Development fund.
RAEDI Interim President John Wade says Crenlo is a valuable asset as manufacturing is an important part of Rochester's economy.
He said, "Crenlo is an important player in that market. It's not only the more than $20 million in payroll and 400 jobs but it's also the other jobs that also supply Crenlo at their operations in Rochester."
Wade also says since Crenlo provides around $20 million in payroll to employees a large chunk of that goes right back into our local economy.
He added, "When you take $20 million plus, in annual payroll, remember where that money goes; it goes into our stores, people pay taxes, they support our school system, it is an entire ecosystem unto itself. We're grateful to have them and we're grateful to have them make this commitment to stay in our community."
The $300,000 and the formal application for the $450,000 will still need to be approved by the Rochester City Council. That's expected to be discussed during Monday's city council meeting.