DATE: December 19, 2019
TO: Members of the Economic Development Authority
FROM: Nate Carlson, Economic Development Coordinator
Title
Resolution of support for Minnesota Investment Fund Program (MIF) Request from All Flex Flexible Circuits, LLC
Body
SUMMARY AND ACTION REQUESTED:
The EDA Board shall review the recommendation made by the Loan Review Committee and take action to approve EDA Resolution 2019-009 approving the application for MIF funding.
BACKGROUND:
All Flex Flexible Circuits, LLC is requesting $300,000 in a forgivable MIF Loan from the Minnesota State Department of Employment and Economic Development (DEED) to assist with a planned expansion of their Northfield manufacturing plant. The company, working through a consultant, has provided a partial application for the funds, which can be found attached to this report. The application has several parts that include City participation, which is why the application is partially complete at this time. Nonetheless, this should not hinder the EDA's review of the request.
All Flex senior management has been working for several years to hone the parameters of their potential expansion. As noted in their project overview, the company operates out of three locations, two primary locations in Northfield and the third in Bloomington. They employ over 200 people throughout their three locations with wages ranging from $17.50 per hour to $36.50 per hour, and the company began operating in Northfield over 25 years ago. As stated in their company history, All Flex is a full line low to medium and high volume manufacturer providing value add services like surface mount and through whole assembly, testing, design, and engineering support through flexible circuit technology.
For the past three years, Economic Development Coordinator, Nate Carlson, has been working with the company to identify potential resources for their expansion. All Flex has identified fiscal year 2020 as a prime opportunity to expand its ...
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