Reflecting on our Success, Thanking our Investors & Partners
All too often, we can get so focused on the work in front of us that we may not take the time to reflect and celebrate past relationships and accomplishments. I’m happy to say that this past month we did take a breath to recognize and celebrate a very successful 2024 at our “UnAnnual" Annual Meeting held at the Armory Event Center in Moorhead.
It was an energizing event with nearly 250 of our investors, partners, clients, and other leaders. We even had the opportunity to invite two out-of-town companies that are considering our region for expansions. Outgoing Chair, Jim Buus, did a great job sharing the organization's accomplishments of the past year, and 2025 Chair, Don Campbell, provided the audience with two significant opportunities in the year to come (successful Innovate28 collaboration with the Chamber, and implementation of our Company Culture Program and progress with our Regional Flourishing initiative).
For me, I’d say the highlight was getting to share a handful of emails I’d received in the past two months from clients and partners' singing the accolades of our hard-working team. And, though it was with mixed emotions, we announced Libby Larson’s retirement from the EDC after more than sixteen years of fantastic service. Fortunately for us, I was also able to announce Libby’s replacement, Dakshita Kumari, who joined us March 1. Please welcome Dakshita to the EDC when you see her at one of our upcoming events.
Please take a few minutes to review the digital Annual Report (summary story and link below) that really provides a depth of information on our work in 2024.
Cheers,
Joe
Strategic Partnerships and Hard Work Position our Region for Success
A Letter from our Chair and President & CEO
2024 was a whirlwind for the Greater Fargo Moorhead EDC. Focused on our core mission to support the needs of primary-sector companies, this past year we worked with twenty companies that added more than $165 million of capital investment and nearly 650,000 sq./ft. of new space across the region. Even more rewarding, since 2019, we’ve supported 145 projects, with 61% attributed to relationships formed through our existing business outreach program. Check out the Business Development section of the report for the details.
The greatest challenge our region faces is the ability to develop and attract the skilled talent our companies need to grow and compete. As the leading organization charged with workforce attraction, we’ve developed and are implementing one of the most proactive talent attraction programs in the country.
With our award-winning Live in Fargo website, and the strong regional brand campaign we are implementing to attract talent to our region, we are excited to continue to evolve our programming to serve the needs of our companies and region. Check out the Workforce section of our report to learn about the more than half-dozen programs we’ve developed that are attracting talent from across the country.
To position our organization and its mission for the highest probability of success requires key partners. In 2024, no partnership has been more important than our work with the FMWF Chamber on the transformative program of work called Innovate28. Our four-year plan focuses on expanding on current business development, talent and workforce, and public policy. We are excited about the focus and future of this work and ask you to learn more by going to the Innovate28 section in this report or setting up a time to meet.
Finally, thank you to our investors, board and staff for providing the resources, leadership and day-to-day focus that is so important to being a central organization in our region’s success. Our accomplishments can be a badge of pride for all involved and can spur us forward to address the many opportunities we are so fortunate to have.
Jim Buus, GFMEDC Chair, JBC Commercial Real Estate
Our Organization Heads into 2025 Strong with Three Successful Projects and 40+ projects in the Pipeline
The GFMEDC wrapped up 2024 with 20 successful projects translating to an impact of $166 million in capital investment made by companies (over double our annual goal of $83 million) and 645,000 in new utilized business square footage (over double our annual goal of 300,000). For more information on our 2024 successful projects and impacts, check out the Business Development section of the 2024 annual report.
Starting 2025 Strong
2025 has started out on a strong note with three successful projects including two GIF loans to Integrity Steel in Mapleton and Sheyenne Forming in West Fargo for new equipment and building expansion, respectively. We are also pleased to announce and celebrate the relocation of Immersive Reality USA through a formalized lease for space as a tenant in the NDSU Research & Tech Park Incubator. Immersive Reality is currently hiring for several sales and marketing positions.
Our business development team is currently managing a project pipeline of 34 deals representing a potential impact of 2 million square feet of space, 683 new jobs, and $4.3 Billion in capital investment. Nearly one third of these projects (10) are in EDC targeted industry sectors (AgTech, Bioscience, Autonomous Systems).
The GFMEDC is laser focused on targeted sector growth and development, and we are pleased to announce the dates for the third Annual BioScience Summit on October 15 & 16, 2025 at the Avalon Events Center in Fargo. Be sure to mark your calendars and save the date or check out our website for more information and to register – www.biosciencesummit.com.
GFMEDC staff will attend (for the first time) the World Agri-Tech Innovation Summit in San Francisco in March to share the story of the rapidly emerging FM area AgTech ecosystem and to engage new prospects, partners, innovators, startups, and investors in exploring opportunities for growth and expansion in the greater FM community.
Growth Initiative Fund Ends 2024 with Ten Loans, $28.5 Million in Capital Investment
The GFMEDC-administered Growth Initiative Fund approved ten loans in 2024. The total capital investments made by these projects equal approximately $28.5 million, with an estimated creation of 62 new jobs and utilization of 116,500 square feet of space.
All of the loans were in conjunction with Bank of North Dakota’s PACE/Flex PACE program, which provides lowered interest rates to assist expanding companies.
The GIF loan approvals totaled $1,015,000 and provide the opportunity for these primary-sector companies to access approximately $2.1 million in additional state interest-buydown grant funds.
The expanding companies utilizing the program this year:
Border States building 50-million-plus distribution center in North Fargo
Border States will open its first regional distribution center in Fargo where the company is based out of. Slated to open in fall 2026, the Upper Midwest distribution center will serve 28 Border States locations across the region, including in North Dakota, South Dakota, Minnesota, Iowa, Wyoming, Wisconsin, Montana and Nebraska. At more than 300,000 square feet, the distribution center will be the company’s largest facility and marks an evolution in Border States’ strategic direction and ability to scale up operations around the U.S., streamline its supply chain, and provide customers increased access to inventory.
“The opening of our new Upper Midwest distribution center marks a significant milestone at Border States,” said Tony Serati, the company’s VP Supply Chain Strategy and Optimization. “This facility will help us better serve our customers, allow our employee-owners to deliver their highest level of performance and become world-class partners with our strategic suppliers. This is our first step in building a more resilient and scalable supply chain for Border States that supports our long-term growth strategies.”
Border States plans to expands its workforce with more than 60 new jobs created at the distribution center.
ND Department of Commerce Opens Applications for Workforce Relocation Program
The North Dakota Department of Commerce is launching the Relocation Opportunity for Outstanding Talent Grant Program (ROOT) to help businesses attract and retain skilled workers by offering relocation incentives.
“North Dakota employers are facing critical workforce shortages, and the ROOT program is designed to bridge that gap,” Commerce Workforce Director Katie Ralston Howe said. “By supporting relocation efforts, we’re ensuring businesses can grow while strengthening our communities.”
Through the program, employers must provide a one-to-one match in relocation incentives, such as hiring bonuses, licensing fees, or moving expenses. Funding is available until all allocated funds are distributed, and funds will be disbursed after the employee has relocated and completed their first pay period. Businesses must retain employees for at least one year, and if an employee leaves voluntarily before that period, the employer may be responsible for a prorated reimbursement.
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