EVELETH, Minn.— Representative Tom Rukavina, Iron Range Resources and Rehabilitation Board (IRRRB) Chair, has scheduled a meeting of the IRRR Board for Thursday, April 12, 2012, at the IRRRB Administrative Offices in Eveleth, Minn. at 10 a.m. At the meeting, four economic development projects will be considered. The $836,578 in loans leverages $1,824,429 in project costs, which is a 2 to 1 ratio. A total of 17 new full-time jobs are projected to be created as a result of these projects.
“I am pleased to bring these four solid projects before the board, especially because they will create quality, well-paying jobs in our region,” said IRRRB Commissioner Tony Sertich. “These are existing Iron Range businesses that are growing in our communities.”
American Peat Technology, LLC (APT) of Aitkin is the developer of a product that effectively removes dissolved heavy metals from both water and soil. This product, APTsorb, is effective in stormwater treatment, mine dewatering and process water polishing. APT is requesting a $100,000 direct loan to develop a product that will be effective in removing other specific pollutants, such as, mercury and sulfates. The total project cost is $201,273. Five full-time jobs will be created.
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 $170,000 bank participation loan to purchase additional manufacturing equipment. The total project cost is $340,000. Two full-time jobs will be created. R.C. Fabricators, Inc. of Hibbing serves the mining, paper and custom-machine building industries. The company is requesting a $176,578 bank participation loan for the addition of a machining center and sandblasting unit with related equipment and the construction of a facility to house the sandblasting unit. The total project cost is $353,156. In addition to retaining 29 full-time positions, this expansion project will create five full-time positions.
Cast Corporation of Hibbing produces tooling, castings and production machining for the automotive, recreational, heavy equipment, and electrical utility industries. Recently the company has added truncated domes to its product line. The company is requesting a $390,000 bank participation loan to expand the business to include an 8,200 square foot addition that will allow the business to meet their growing sales volume. The total project cost is $930,000. Thirteen full-time equivalent jobs will be retained and five new full-time equivalent jobs will be created.
In other business, the board will review four Public Works Infrastructure grant projects and consider funding for a revamped Residential Redevelopment program.
Please see the complete meeting agenda below:
1) Roll Call
2) Approval of the December 14, 2011, Minutes
3) Commissioner’s Comments
4) Taconite Area Environmental Protection Fund
Action required: Project approval requires 7 votes
a) IRRRB Residential Redevelopment Program
b) Public Works Infrastructure Grants
i) Range Regional Airport
ii) City of Eveleth
iii) City of Hibbing
iv) City of Kinney
5) Douglas J. Johnson Economic Protection Trust Fund
Action required: Project approval requires 8 votes
a) American Peat Technology, LLC
b) Furin & Shea Welding & Fabricating, Inc.
c) R.C. Fabricators, Inc.
d) Cast Corporation
The IRRR Board Meeting will be live streamed and available for viewing at irrrb.org.
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.