IRRR Board to consider $1.3 million for development projects at August 9 meeting

Leveraging over $9.4 million; creating 110 jobs

August 07, 2012

 

EVELETH, Minn.—At its August 9 meeting in Eveleth, the Iron Range Resources and Rehabilitation Board (IRRRB) will consider funding over $1.3 million in grant and loan projects. According to IRRRB Commissioner Tony Sertich, the requested funding would leverage over $9.4 million in total project investments, and at least 110 jobs are projected to be created as a result of these projects.

Sertich said, “These projects focus on existing businesses within our region that are growing and want to create jobs. We are happy to partner with these businesses and our local communities to provide economic opportunities to the people of the Iron Range. By leveraging IRRRB investments, construction jobs and additional employment opportunities are made possible.”

Below are descriptions of the projects that will be reviewed:

Furin & Shea Welding & Fabricating, Inc. of Hibbing serves the mining, paper, power generation and construction industries around the world with complete steel fabrication from design to delivery. The company is requesting a $113,000 bank participation loan to purchase a large plate-roll machine to increase their abilities to serve existing and new customers.

Cutsforth, Inc. manufactures products for power generation and motorsports industries. Cutsforth is requesting a $450,000 bank participation loan to construct a building on the former Ainsworth site in Grand Rapids. The City of Grand Rapids also is seeking a $150,000 grant from the IRRRB for infrastructure and site work for the expansion of Cutsforth.

The City of Bigfork is requesting a $250,000 grant for improvements to the water treatment and distribution system. The upgrades are necessary to accommodate the expansion of Rajala Lumber.

The City of Chisholm is seeking a $190,000 grant for new water, sewer and road on 6th Street SE between Central Avenue and 2nd Avenue SE. The completion of this project will provide a new ten ton road to the city’s business park. Anderson Lubricants, Minnesota Twist Drill, and Duluth Redi Mix are expected to add jobs in the business park.

The City of Virginia is seeking a $150,000 grant for utility hookups to 4th Street North which will provide infrastructure for two additional large new development projects being planned and assist in the expansion of Sundell Eye Associates on Bailey’s Lake.

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