Valley Cartage is planning to move its headquarters from St. Croix Business Park in Hudson to Lake Elmo, as the result of a $940,000 economic development package.
The growing trucking and shipping company will move it’s headquarters about 10 miles west on I-94 to a 26,000 square-foot building located in the Eagle Point Business Park in Lake Elmo.
Valley Cartage President and CEO Todd Gilbert told Finance & Commerce that the company will continue to occupy its building at the St. Croix Business Park, but needed more room to grow.
“I’m third generation running this business. I’m fifth generation in the Hudson community. We’re not leaving Hudson,” Gilbert said. “We’re in a growth stretch. We’re diversifying our business, and we know there’s market share that we need to go after.”
Lake Elmo city staff worked with Gov. Mark Dayton, Minnesota DEED, Washington County, Greater MSP, Xcel and state representatives to lure Valley Cartage to Minnesota with an economic development package that consists of tax abatement, a sizable forgivable loan, job training funds and energy credits to bring new, good-paying jobs to the region, according to city documents.
Lake Elmo and Washington County have agreed to share in $40,000 tax abatement over a four-year period tied to job creation goals.
The package also includes $500,000 from the Minnesota Investment Fund and $400,000 from the state’s Job Skills Partnership as incentive to move.
According to city documents, the expected purchase price of the building is about $3.1 million.
The deal means about 50 new jobs in Minnesota—paying an average salary of $52,000—and creating a $30 million impact on the economy.