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Photo Courtesy of Fargo Moorhead CVB |
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Greetings!
Fargo Moorhead MSA has an unemployment rate sitting at 3.1% (not seasonally adjusted) compared to the U.S. unemployment rate of 7.3%. To see the GFMEDC's latest economic indicators, please check out the following link.
June Economic Indicators
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President's Report: life, liberty and the pursuit of happiness
I hope everyone had a wonderful 4th of July with family and friends. Every year at our lake cottage in Northern Michigan we attend a 4th of July lunch at the home of friends from Louisville, Kentucky at which the host reads the "Declaration of Independence " followed by the shooting of a Civil War Cannon.
Mr Merkey's cannon was a Union armament that was captured by Confederate troops early in the war and was taken back years later at Gettysburg. The Cannon was at Gettysburg on July 2, 2013, for a reenactment of its recapture during the 150th Anniversary celebration. It was then trucked to Northern Michigan for their annual tradition; what a wonderful event!
The most famous line in the Declaration and maybe the entire english language is "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness".
I look forward to the second half of 2013 with great hope for our community, state and country, and I am thankful to have these rights! |
The Growth Initiative Fund (GIF) approved three PACE loans second quarter 2013
The GIF approved two PACE loans and one Flex PACE loan during second quarter 2013:
Diversified Welding in West Fargo specializes in structural steel fabrication. The $1.86 million project includes the construction of a new 21,500 square foot building as well as additional equipment. Diversified Welding expects to create 21 jobs in the first three years.
Abbiamo Pasta Company, a new company locating in the Casselton Industrial Park, will produce short goods pasta and package it into meals for retail sale. The $3.7 million project to construct and equip a new 31,000 square foot building will create 31 jobs within the next three years.
Office Sign Company in Fargo produces high quality office signs, badges, banners and name plates for a nationwide customer base. Their $280,000 investment in additional equipment and expanded office space will allow the company to expand their product offerings and grow their business. Office Sign Companies is utilizing a Flex PACE loan.
The GIF partners with the Bank of North Dakota and a participating local bank allowing primary-sector companies to access low interest financing through the PACE loan program. The Bank of North Dakota's PACE program's goal is to assist North Dakota communities in expanding their economic base. The GIF provides PACE and Flex PACE loans to primary-sector certified companies.
The GIF is a community revolving loan fund managed by the GFMEDC. It was established in 1993 and capitalized by Cass County, the City of Fargo and the City of West Fargo over the period of 1993 - 2001. Those funds continue to be reinvested. The purpose of the GIF is to assist the GFMEDC in achieving its mission of retaining and expanding primary-sector employment. |
Second quarter business development activity picks up pace
The GFMEDC engaged six new business prospects including hosting two site visits second quarter 2013. The companies represented a variety of sectors including biotech, manufacturing and IT.
The GFMEDC provides customized information to help sell the region to new business prospects, hosts site visits and coordinates meetings with key contacts. |
Arthur Ventures raises $45 million second fund
Arthur Ventures, an early stage venture capital firm headquartered in Fargo, N.D., announced the close of Arthur Ventures Growth Fund II, L.P. (AVII). The fund enables Arthur Ventures to continue forging partnerships with leading entrepreneurs to develop innovative solutions and build high-growth businesses that shape new markets.
AVII is a $45 million venture fund that follows Arthur Ventures' 2008 founding fund (AVI); it brings the total assets under management at Arthur Ventures to more than $65 million. Investors (i.e. Limited Partners) in the fund are a targeted group of successful individuals that believe in the Arthur Ventures mission, the power of entrepreneurship, and the rising potential of the region. The individuals and families that have supported this fund have exceptional track records of business success in a wide variety of industries.
Investments for AVII will focus on software companies that market their solution to the enterprise information technology, healthcare, agriculture, and energy markets. Similar to AVI, deal sourcing will be concentrated in the Upper Midwest with investments in select companies nationally. AVII will continue to focus on the Arthur Ventures mission, which is
"We believe in the power of entrepreneurship and innovation to transform existing markets and to create new markets," said Doug Burgum, co-founder and chairman of Arthur Ventures. "Software is the greatest invention yet that extends human capabilities, and we are grateful to help build enduring companies whose solutions can have such a positive impact on the human condition."
Full Press Release |
Delta to start new non-stop service between Fargo and Atlanta
Delta Air Lines will add new nonstop seasonal service between Fargo, N.D. and Atlanta, effective Dec. 21, 2013.
"We continue to see growing demand in this marketplace, especially from customers wanting to connect to the Southeast and Latin America during the winter season," said Joe Esposito, Delta's Managing Director - Domestic Network Planning. "With this new seasonal service, Fargo customers will have access to more than 200 nonstop destinations at the world's largest single airline hub."
The Saturday-only service between Fargo's Hector International Airport and Hartsfield-Jackson Atlanta International Airport will be operated by Delta Connection carrier ExpressJet using a two-class Canadair CRJ-900, equipped with 12 First Class seats, 12 Economy Comfort seats and 52 seats in the main cabin.
"We are delighted that Delta is providing seasonal service through their Atlanta hub," said Shawn Dobberstein, Executive Director of Fargo's International Airport. "The Saturday service will be extremely popular for travelers in our region who are seeking connections to warm weather destinations this winter."
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Moorhead one of three communities benefiting from Minnesota DEED Contamination Cleanup Grant Program
More student housing in Moorhead is planned thanks to a Minnesota grant award recently announced. The Minnesota Department of Employment and Economic Development awarded grants totaling $2.9 million to investigate or clean up contamination on six sites in Mankato, Moorhead and Minneapolis. The parcels will be redeveloped for projects that will create about 110 jobs and retain another 225 jobs.
DEED awarded the funding under its Contamination Cleanup Grant Program, which pays up to 75 percent of the public funding for reclaiming polluted sites and brownfield development in the state. Since the program began in 1995, more than 3,000 acres of contaminated land have been reclaimed for residential, commercial and industrial development in the state.
City of Moorhead, Aggregate Site, $479,135
The city of Moorhead received $479,135 in cleanup funds for a 5.54-acre site contaminated with petroleum and other pollutants. This former site of a concrete ready-mix plant will be redeveloped into 66 units of student housing with 200 beds and 10,000 square feet of retail space. The new development will create 22 jobs and increase the tax base by $102,953. Tax increment financing and the developer will cover remaining cleanup costs. |
Health Pitch aims to highlight health and wellness innovators
Driving health innovations from good to great and highlighting the exciting healthcare innovations already happening. That's the motivation behind a Health Pitch happening August 15th at the Stage at Island Park near downtown Fargo.
Fifteen thought leaders will share their ideas and concepts to improve lives. Sessions will cover three health and wellness perspectives: personal, community and global.
Family HealthCare Center is leading the initiative. Arthur Ventures' managing partner, James Burgum, and Family Healthcare's CEO, Patricia Patron, will emcee the event.
For tickets, go to: http://healthpitch.eventbrite.com/ |
Upcoming TedXFargo Event "Rethink Learning" focuses on education August 9th, Fargo Theatre
Expert speakers from across the country. An audience of 500. A day of relevance, inspiration, and connections.
What if we found life on Mars? What if we completed apprenticeships instead of college? What if everyone in the company was a co-president? What if we taught young athletes to develop their character? What if we created a middle school focused on math and science? What if we closed the achievement gap between white and African American children? What if everyone had access to libraries? What if we used technology to create new learning models?
TedXFargo
Fargo Theatre
Friday, August 9
9:00 a.m. - 5:30 p.m.
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Delta Airlines Debuts eBoarding Pass Capability
Fargo passengers will now have access to Delta Airlines' paperless eBoarding check-in options.
Delta offers the service to roughly 110 cities worldwide including all of Delta's domestic hubs and 25 cities in Europe, Latin American and Asia.
With eBoarding, Delta customers use the Fly Delta app
on their smartphone rather than a paper boarding pass to access security checkpoints and board their flight. More Info. |
Skincare and beauty retailer, Glisten, announces $1MM capital raised, funding completes seed round for launch.
Glisten, a brand that specializes in high-end skincare and beauty products, announced today a completed seed capital investment of $1 million. The funding was made by a small number of angel investors.
Funding will be used to build inventory and expand marketing efforts to help the startup company grow, according to the company's founder, Tommy Leikas.
While the number of products available will soon grow to more than 10,000, customers will initially have access to over 1,500 products from brands such as Obagi, Colorescience, and GlamGlow.
"Our primary focus is on the experience and not just the transaction," said Sara Litton, Director of Brand Development. "We spend a lot of time thinking about beauty products, but we think even more about our customer's experience. We want our customers to have an inspiring and fun interaction with us."
A brick and mortar store is also in the final stage of development.
"The capital raised is providing us with the initial funds to start serving customers with products they already know, love and buy," said Leikas. "This is the first step as we work to become one of the leading brands in the global beauty and cosmetics business."
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GFMEDC's 2012 Annual Report is now available
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In the News...
"10 fastest-growing state economies" by Alexander Hess and Michael Sauter, 24/7 Wall St.
North Dakota's economy has grown five times faster than the United States as a whole. North Dakota leads the nation for the third year in a row.
Minnesota ranked #5 (tied with California)
Full Story
"North Dakota Booms to Third Place" in the Best of the Top States List by Scott Cohn, CNBC. North Dakota jumped two spots from the previous year.
Full Story
North Dakota Ranked #3 on a list of Most Pro-Business States by the American Economic Development Institute and Pollina Corporate Real Estate. The report examines 32 factors including taxes, human resources, education and investment in public infrastructure.
Full Report |
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Do you have job openings? Post them on our new Careers page and help us market the Fargo Moorhead Metro as a great place to work and live!
Your jobs enhance our website and allow us to better market the region to potential residents.
Your investment includes the opportunity to post your jobs on our careers page. We ask that you limit the jobs to degree-required positions in the Fargo Moorhead Metro.
We appreciate your help!
Please contact Tifanie Gelinske, VP, Workforce Development with questions tgelinske@gfmedc.com or log on and post them at http://www.gfmedc.com/careers/jobs/ |
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Do you have news to share?
If you have news items you would like included in an upcoming newsletter, please send the ideas or articles to lgnelson@gfmedc.com. Thank you! |
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The mission of the GFMEDC is to grow and diversify the economy in Cass County, ND and Clay County, Minn. through the attraction, retention and expansion of primary-sector employers.
A primary-sector company is one that brings new wealth into the community through the sale of its goods and services outside the trade area. This new wealth circulates and supports all other sectors of the local economy, thus making the primary sector the principle driver of economic growth.
Thank you for your continued support of the Greater Fargo Moorhead EDC and economic development. We look forward to your feedback.
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