IRRR Board approves $8.6 million in project investments

Total investment of $47.2 million; supporting the creation of 351 jobs

December 20, 2013

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EVELETH, Minn.—Project investments totaling $8.6 million were approved at today’s Iron Range Resources and Rehabilitation Board (IRRRB) meeting in Eveleth. The projects have a total investment of $47.2 million and support the projected creation of 351 jobs.

The City of Biwabik received a $1.94 million non-recourse loan for the $2.84 million Laurentian Monument, Granite & Stone (LMGS) expansion project. LMGS currently produces granite countertops and monuments and is expanding into other areas of natural stone use, such as structural, architectural, decorative and landscaping.  Fifteen jobs are projected to be created.  

The board also approved $6.66 million in infrastructure grants for projects totaling $44.4 million. It is projected that 336 jobs will be created. 

IRRRB Commissioner Tony Sertich said, “These projects will have a big impact on our communities by creating jobs and putting the necessary economic infrastructure in place to attract and support businesses.” 

In addition, $6.8 million from the Mine Reinvestment Program (Taconite Economic Development Fund) was approved for projects at ArcelorMittal-Minorca; Hibbing Taconite Company; Magnetation, LLC; Mesabi Nugget; Northshore Mining Company; and United Taconite, LLC.

To view the IRRR Board meeting, visit http://mn.gov/irrrb/media/board-meetings/.

IRRRB is a state economic development agency headquartered in northeastern Minnesota whose mission is to promote and invest in business, community and workforce development for the betterment of northeastern Minnesota.