EVELETH, Minnesota – Commissioner Tony Sertich of the Iron Range Resources and Rehabilitation Board (IRRRB) today announced IRRR Board approval of $8,462,564 in Public Works grants at its Wednesday, December 14, 2011 board meeting in Eveleth. The Public Works grants provide funds for cities and townships that can be used for infrastructure, site work, or healthcare capital projects that support community and economic development.
“These grants greatly benefit our local communities,” said Sertich. “Every dollar invested by the IRRRB is one less dollar of property tax that a community has to raise on local businesses and homeowners.”
The $8,462,564 in grants leverages $85.3 million in project costs, which is a 9-to-1 leverage ratio. A total of 515 construction and 171 new permanent jobs are projected to be created as a result of Public Works grants to 38 communities and three health care facilities. Additional jobs will be announced as development deals are finalized.
The IRRR Board also approved a $273,800 bank participation loan to Midwest Manufacturing in Nashwauk. The total project cost is $547,600. The proposed financing will enable the company to expand its building by 6,000 square feet and purchase additional equipment. The expansion is necessary to meet the orders for new industrial sizing/classifying roll screens from overseas iron and coal mining operations and from other facilities located out-of-state. Midwest Manufacturing plans to hire an additional 17 workers.
In other business, the board approved spending $468,679 of Taconite Economic Development Fund (TEDF) funds for projects at ArcelorMittal Minorca and Magnetation, Inc.
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.