EVELETH, Minnesota – Iron Range Resources & Rehabilitation Board (IRRRB) Commissioner Tony Sertich announced today that IRRRB financial support is helping create a projected 813 full-time equivalent construction jobs and leverage more than $127.5 million in new community development projects across northeastern Minnesota in 2011-2012. Furthermore, these infrastructure investments have the potential to generate hundreds of additional permanent jobs.
Sixty projects, which range from development infrastructure, to community infrastructure improvements to health care facility improvements and expansions, are supported through $17.5 million in IRRRB funding. The IRRRB support results in a 6 to 1 capital investment leverage ratio.
“The leverage from project partners financially benefits the local communities and individual taxpayers,” said Sertich. “For every dollar invested and leveraged by the IRRRB, it’s one less dollar needed to be raised by communities through property taxes on local businesses and homeowners.”
IRRRB project partners include private developers, businesses, health care providers, non-profits, tribal bands, local banks and other governmental units.
“The quality of life in our communities is being improved because of these projects and the investment made by the IRRRB and its partners,” said Sertich. “And the important construction jobs these projects create are supporting families and our local and state economy.”
IRRRB Community Development funding assists in the construction of infrastructure and site work for new development. Among the projects being constructed are new water and sanitary sewer facilities, single-family and multi-unit housing, renewable energy facilities, health care improvements, and sites for new home and business redevelopment.
“Helping our communities prepare for growth and change is a primary mission of the IRRRB’s Community Development program,” said Sertich. “With all 60 of these projects scheduled to be underway or completed, we will be seeing a significant amount of construction activity in northeastern Minnesota over the next year.”
IRRRB is a state economic development agency whose mission is to invest in business, community and workforce development for the betterment of northeastern Minnesota.