Solventum, the 3M health care spin-off, is requesting a “forgivable” $11 million loan from the state of Minnesota to move its unofficial headquarters — housing a high-tech medical research facility — from Maplewood to Eagan.

The loan, which would not have to be paid back if the company abides by certain wage and hiring standards, is the leading component of a larger package consisting of up to $13 million in rebates and public assistance that Solventum hopes to acquire through the Minnesota Department of Employment and Economic Development.

The final decision on the package will rest with DEED Commissioner Matt Varilek, who was appointed by Gov. Tim Walz in June 2023.A public hearing was held Friday before DEED’s finance officials concerning the company’s primary request for an $11 million loan through the Minnesota Investment Fund, as well as up to $2 million in additional assistance from the state agency’s job and capital investment funds.

The hearing notice indicates Solventum plans a $209 million renovation of a 253,000-square-foot building on the former Blue Cross Blue Shield campus, and about half the project would be eligible for a rebate through DEED’s capital investment program, capped at $2 million in savings. That includes a job retention award of up to $1 million and a capital investment rebate of up to $1 million “depending on final project specifications,” according to the DEED notice. “No additional local assistance is being proposed.”

Solventum plans to renovate a former Blue Cross building at 1750 Yankee Doodle Road, on the west side of Minnesota 13, which could host 600 to 800 employees per day. The public notice says Solventum plans to retain about 1,972 jobs in Minnesota, including more than 1,100 at the project site. Their average wage would be $76 per hour.

Eagan officials have already signed off on preliminary support for the state loan request, which indicates Solventum “plans to renovate a 253,126-square-foot building to accommodate significant machinery and equipment for research and development (R&D) and pilot plant manufacturing functions.” A $100,000 contribution to the city’s revolving Minnesota Investment Fund loan program would also be waived or forgiven.

The company — known for everything from orthodontia and wound care to health care information technology — focuses on the development, manufacturing and commercialization of “a diverse range of solutions that utilize material and data science, clinical research and digital capabilities,” reads the notice.

Solventum officially became its own company in March and began trading on the New York Stock Exchange on April 1. It could qualify as Minnesota’s latest Fortune 500 company once the new rankings are published in 2025.