The Minnesota Department of Employment and Economic Development (DEED) will be granting $196,000 to Pace International through the Job Creation Fund. Pace will be given this funding once they have complete their own investment of $1.95 million dollars as well as job creation commitments.
In 1972, Jim Deutsch founded Pace as a distributor of parts for televisions, record players, home appliances, and other consumer electronics. Today, the company still provides parts for televisions and appliances, and has added communication hardware, Dish Network satellite TV content, and the providing installation tools to businesses through out North American companies as well. Pace remains a family affair with Deutsch’s son Patrick at the helm as CEO and two of his grandsons, Erick and Tim Deutsch, holding executive positions in the company.
Pace International will be using its investment to add 9,000 square feet of offices and 9,000 square feet of warehouse space. This addition of square footage will bring Pace Internationals total facility footprint to 66,000 square feet. This expansion will also result in an additional 22 jobs, phased in over three years.
DEED commissioner Shawntera Hardy had this to say about Pace and its future plans, “Pace is a family business that has grown steadily in Rochester over the past 45 years. The company’s $1.95 million investment represents a major commitment to the city and the region.”
Hardy wasn’t the only one that was happy about the future project and its investment. Lieutenant Governor Tina Smith had this to say, “I thank Pace International for its continued commitment to Minnesota. The company’s decision to expand in Rochester will help drive economic growth in our state and create new job opportunities for Minnesota workers. With an investment from the Minnesota Job Creation Fund, this project is a great example of how the private and public sectors can work together to grow the economy and create jobs.”
The Job Creation fund was first proposed by Governor Mark Dayton as a pay-for-performance program in 2013. Since its launch in January of 2014, DEED has awarded 73 business expansion projects worth $33 million. Those companies have committed to investing $923.8 million to expand and create 4,338 full-time jobs in Minnesota.
The purpose of the fund is to provide funding to businesses after they meet minimum requirements (job creation, private investments, etc). In order for a business to be eligible for financial assistance in the Twin Cities metro, it must create at least 10 full time jobs and invest a minimum of a half million dollars. Businesses outside the metro, in Greater Minnesota, must create at least five full time jobs and invest a quarter million dollars.
Visit the DEED website for more details about the Job Creation Fund.
All above information found in this press release.
