Viracon Glass (2016), Owatonna, MN

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

COMMUNITY IMPACT

When it comes to architectural design, glass is big, and it’s only getting bigger. Many of North America’s new skyscrapers, airports, and hotels feature walls of specially-manufactured architectural glass, much of which has been manufactured by one company—Viracon, Inc. (Viracon). Viracon, a subsidiary of Apogee Enterprises, Inc., has been manufacturing high-performance glass in three locations across the US in Minnesota, Georgia and Utah. However, as designers dreamed of bigger windows, Viracon found themselves limited by their equipment, and losing market share to foreign competitors with oversize capabilities. To recapture that market share, Viracon sought to expand their manufacturing capabilities in order to meet changing market demand. But making oversized glass doesn’t come with a small price tag, and Viracon had to fund both the new facility construction and over $33 million in new equipment. As a subsidiary of a large public company, expansions like the one proposed by Viracon are extensively reviewed and a number of other options, including moving the expansion internationally for more favorable economic conditions, were considered. courtesy of the Borrower Owatonna, MN When it comes to architectural design, glass is big, and it’s only getting bigger. Many of North America’s new skyscrapers, airports, and hotels feature walls of specially-manufactured architectural glass, much of which has been manufactured by one company—Viracon, Inc. (Viracon). Viracon, a subsidiary of Apogee Enterprises, Inc., has been manufacturing high-performance glass in three locations across the US in Minnesota, Georgia and Utah. However, as designers dreamed of bigger windows, Viracon found themselves limited by their equipment, and losing market share to foreign competitors with oversize capabilities. To recapture that market share, Viracon sought to expand their manufacturing capabilities in order to meet changing market demand. But making oversized glass doesn’t come with a small price tag, and Viracon had to fund both the new facility construction and over $33 million in new equipment. As a subsidiary of a large public company, expansions like the one proposed by Viracon are extensively reviewed and a number of other options, including moving the expansion internationally for more favorable economic conditions, were considered. Thanks to the flexible and affordable private capital provided through the New Market Tax Credit (NMTC) Program through CEI Capital Management LLC (CCML), Viracon will be able to expand at their corporate campus in Owatonna, Minnesota, which is projected to create 80 new full-time equivalent (FTE) jobs over three years, as well as support the 1,300 other employees housed at the Owatonna, MN facility, where Viracon is the second largest employer in the city. Many of the new positions are available to high school graduates, who receive comprehensive job training, as well as the opportunity to attend a community college to obtain an associates degree, 100% paid for by Viracon. Though many of these positions are entry-level, all of the new positions pay more than area living wage for a single adult. CCML allocated $15 Million in NMTC capacity to help finance the project. Wells Fargo Bank, NA provided an additional $3 Million in NMTC allocation, as well as the NMTC equity, while Apogee Enterprises, Inc. provided the debt financing for the transaction which closed June 23, 2016.

Project Map

Other Manufacturing Projects

Westervelt Pellets

The NMTC helped the Westervelt Company to build a new wood pellet manufacturing facility in Aliceville, Ala.

Vineburg Machine

Vineburg Machining, Inc. is a veteran-owned, full service precision machine shop providing quality services for longterm customers ranging from local…

Meredian Bioplastics

Manufacturer of environmentally friendly, biodegradable bioplastics relocates to a larger facility and brings significant investment into a low-income community in…

Other Minnesota Projects

The Wycliff

The Wycliff
Project City:
Saint Paul,
Project State:
MN
Project Year:
(2020)

Capri Theater

Capri Theater
Project City:
Minneapolis,
Project State:
MN
Project Year:
(2019)

Washburn Center For Children

Washburn Center For Children
Project City:
Minneapolis,
Project State:
MN
Project Year:
(2019)
Washburn Center for Children (Washburn) is the leading mental health center in Minnesota, serving children from birth to age 18. Washburn has identified that one out of five children in ...
Read More

Junior Achievement of the Upper Midwest

Junior Achievement of the Upper Midwest
Project City:
Saint Paul,
Project State:
MN
Project Year:
(2018)
The project is the construction of 58,000 SF learning facility in the Midway Neighborhood of Saint Paul, MN. The new design will include increased accessibility, larger space for learning, and ...
Read More

University Enterprise Laboratories, Inc.

University Enterprise Laboratories, Inc.
Project City:
Saint Paul,
Project State:
MN
Project Year:
(2018)
UEL provides wet labs, office space, and innovation/collaboration spaces, and expanding their current facility ...
Read More

Red Lake Trading Post

Red Lake Trading Post
Project City:
Red Lake,
Project State:
MN
Project Year:
(2018)
Red Lake Inc., an economic development enterprise of the Red Lake Band of Chippewa Indians, and its subsidiary, Red Lake Retail, are building a new grocery store to better serve ...
Read More

Aura Fabricators

Aura Fabricators
Project City:
Fergus Falls,
Project State:
MN
Project Year:
(2018)
Aura: Provided $1,865,000 loan for metal fabrication company in Fergus Falls, MN: Jasmine Sonmor founded Aura Fabricators as a college senior in 2014 and began bidding on bridge components in ...
Read More

Minnesota Museum of African Art

Minnesota Museum of African Art
Project City:
Saint Paul,
Project State:
MN
Project Year:
(2017)
Minnesota Museum of African Art ...
Read More

Catholic Charities’ St. Paul Opportunity Center

Catholic Charities' St. Paul Opportunity Center
Project City:
Saint Paul,
Project State:
MN
Project Year:
(2017)
The Project consists of the construction of a new 60,900 SF service center targeted to very low income and homeless individuals co-located with housing designed to transition people from homelessness ...
Read More

Open Cities Healthcare

Open Cities Healthcare
Project City:
St. Paul,
Project State:
MN
Project Year:
(2016)
Recognizing the need to expand services along the Rice Street corridor, OCHC purchased a building at 916 Rice and has renovated and opened its second clinic at this location. The ...
Read More

Viracon Glass

Viracon Glass
Project City:
Owatonna,
Project State:
MN
Project Year:
(2016)
When it comes to architectural design, glass is big, and it’s only getting bigger. Many of North America’s new skyscrapers, airports, and hotels feature walls of specially-manufactured architectural glass, much ...
Read More

Banyan

Banyan
Project City:
Minneapolis,
Project State:
MN
Project Year:
(2016)
Located in one of the most economically challenged neighborhoods in Minneapolis, Banyan Community works to transform lives by  developing youth, strengthening families, and creating community in an area struggling with ...
Read More

NorShor Theatre

NorShor Theatre
Project City:
Duluth,
Project State:
MN
Project Year:
(2016)
Finance rehabilitation of historic facility and annex into a state-of-the art theatre facility, including rehearsal space, classrooms, art gallery, office space and other related improvements ...
Read More

Minnesota Children’s Museum

Minnesota Children's Museum
Project City:
Saint Paul,
Project State:
MN
Project Year:
(2015)
NMTC financing helped make the expansion and renovation of a childrens museum possible. Financing was used to make exhibit design upgrades and expansions throughout the existing Museum. Museum anticipates that ...
Read More

Midway YMCA

Midway YMCA
Project City:
Saint Paul,
Project State:
MN
Project Year:
(2015)
When you walk into the new Midway YMCA building, one thing stands out; if it weren’t for the uniforms and name tags, you would be hard-pressed to differentiate between the ...
Read More