Earlier this summer, P & F Machining broke ground on a 54,400 square foot facility located off of US Highway 101 in Otsego, Minnesota. P & F Machining is a family owned business that was founded in 1983. They are a precision manufacturer who offers high-quality custom machining for the aerospace, medical, agriculture and heavy equipment industries.
P & F purchased approximately 6-acres from the City of Otsego, located in Great River Centre of Otsego, Third Addition. The company will be bringing a minimum of 40 full-time employees in the community, and plans on adding at least 10 new full-time positions within two years.
Decklan Group worked in conjunction with the City of Otsego and Minnesota Department of Employment and Economic Development to receive Job Creation Fund designation for the project, which will result in a $170,000 rebate upon project completion and job creation fulfillment. Additionally, Decklan Group worked with the city to obtain a $317,696 Greater Minnesota Business Development Public Infrastructure Program from MNDEED grant to help offset the costs of a necessary street expansion in conjunction with the project.
Decklan Group also worked to secure over $600,000 in Tax Increment Financing (TIF) to assist with the cost of past property assessments and extraordinary site improvement costs.
This is a prime example of true teamwork and cooperation between public and private entities. The partnership between P & F Machining, Decklan Group, Arrow Companies, City of Otsego, MNDEED, Ehlers, Premier Banks and countless support organizations and staff demonstrates the economic development success that can be achieved when parties work together to achieve a common vision.
The project is anticipated to be complete in December of 2016.