![]() Paul wouldn't drastically disrupt commutes. Paul: 3M is already an east metro company, so a move to St. Three logical sites: The Central Station at Minnesota and Fifth streets the county-owned RiversEdge site between the bluff and Mississippi River and the parking lot across the street from Treasure Island Center. Paul to house hundreds or thousands of workers for a 3M spinoff. State of play: There's not enough vacant high class office space available in St. Of note: 3M did not respond to a request for comment. A spokesperson for Mayor Melvin Carter's office said Carter "looks forward to connecting with 3M to learn more about their plans.".“I think there's incentives that we can offer that aren't just financial," she said.Paul Downtown Alliance, said 3M would be such a major addition to downtown that "everything should be on the table."Ĭity Council Member Rebecca Noecker, who represents downtown, said the city has existing incentive programs for companies that create jobs in addition to built-in advantages of being downtown. Paul, just to be competitive, has got to offer as many incentives as they can come up with. "Other cities are certainly going to offer them incentives for a $9 billion spin off company," Crockarell said.The subsidy question: 3M already has a presence in Texas, a state with no corporate income taxes and a history of generous corporate subsidies. What's happening: Downtown's largest landlord, Jim Crockarell, already had renderings drawn up for a 40-story tower in the middle of the city, with a pipe dream of attracting some big company. "It is absolutely incumbent upon us to do our best work to help this spinoff grow here," said St.Paul or elsewhere in the region, keeping this company in the Twin Cities is important to the regional economy. Paul would breathe new life into the city and solve a decades-long effort to attract a larger daytime population. Why it matters: A Fortune 500 headquarters in downtown St. But there's already a movement afoot in St. The intrigue: 3M has not said anything about where that yet-to-be-named company will be based. After the move, the spinoff would rank as roughly the 400th largest publicly traded company in the U.S. announced in late July it would spin off its $8.6 billion health care business. Local and regional leaders are hoping to convince a soon-to-be Fortune 500 company to put its headquarters in the Twin Cities.ĭriving the news: Maplewood-based 3M Co.
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