5. EDSR 09-11-2006 - Laserfiche WebLink

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Appendix G: Economic Data (cont.) Date: Friday, March 24, 2006 Contact: Bob Isaacson For Immediate Release 651/297-3615 Bob.lsaacson(a~stale.mn.us JOBZ Initiative Sustains Momentum in Second Year, Passes 200 Deal Mark Direct Impact Includes 3,100 Jobs and $276 Million in Capital Investment St. Paul -Minnesota's Job Opportunity Building Zone (JOBZ) initiative continued on the fast track in 2005, passing the 200-deal mark late in the year. Two years into the 12-year life of the program, Greater Minnesota communities continue to use JOBZ incentives to attract new business investment throughout the state. In the first two years of the program, JOBZ businesses have agreed to create more than 3,100 new jobs and make $276 million in capital investments. Once those goals are achieved, JOBZ businesses expect to support an additiona14,700 jobs in other industries due to business and employee spending. Overall, JOBZ-related activity is expected to generate $180 million in personal income to the state, including the Twin Cities. And that's just the beginning: JOBZ businesses hope to top their goals by 1,200 more jobs in the coming years. "JOBZ is working and so is Minnesota," said Governor Tim Pawlenty. "Our state's future prosperity depends on the innovation of Minnesota businesses. The JOBZ program continues to be an effective tool in building a more competitive Minnesota." A second-year analysis of the JOBZ initiative, prepared by the Minnesota Department of Employment and Economic Development (DEED), shows that the tax-free development program is a key reason for business investment, confirming that 92 percent of the businesses would not have made the same investment in the same location without the JOBZ benefits. An accurate "cost/benefit" analysis is possible only for 2004, since complete records exist only for the first year of the JOBZ program. On the "cost" side, the Department of Revenue estimates cio Communications Office • Web site: www.tleetlstate.mn.us Phone: 651/297-1192 or 1-800-657-3858 • Fax 651/215-3841