IRRR Board approves $4.845 million for development projects

October 11, 2012

 

EVELETH, Minn.—Iron Range Resources and Rehabilitation Board (IRRRB) Commissioner Tony Sertich today announced that the IRRR Board approved $4.845 million for development projects at its meeting in Eveleth. The funding will leverage over $13 million in total project investments. At least 80 jobs are projected to be created as a result of the following projects:

Louisiana Pacific Corporation received a $2 million loan for its $7.05 million expansion in Two Harbors, Minn. The project entails a comprehensive rebuild of the existing press at the plant and is projected to create 17 new jobs and retain 112 jobs.

The Chisholm Hibbing Airport Authority (CHAA) received a $2.5 million loan to build out the airport speculative building in Hibbing for occupancy by Detroit Diesel Remanufacturing DMR (DMR). The $2.735 million project will accommodate a planned expansion by DMR, which is projected to create 50 new jobs within the next three years, while retaining 97 jobs.

A $60,000 loan to the Virginia/Eveleth Economic Development Authority (VEEDA) also was approved. The project will support the $310,000 expansion of Premier Plastics into the Progress Park building, where the company plans to enter into the windshield market for motorcycles, boats, UTVs and ATVs. This expansion is expected to create up to five new jobs, while retaining 29 jobs.

The IRRR Board also approved a $285,000 grant to the City of Keewatin for infrastructure and site work for the expansion of Pro Blast Technology Inc. The total project investment is $2.9 million. Pro Blast expects to create eight new jobs, retain five jobs, and create 13 construction jobs.

In addition,$1.14 million from the Taconite Economic Development Fund was approved for United States Steel – Keetac projects.

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.