EVELETH, Minn.— Iron Range Resources and Rehabilitation Board (IRRRB) Commissioner Tony Sertich today announced that the IRRR Board approved $7.8 million for Public Works projects at its meeting in Eveleth. The grants leverage $66 million in total project investments, which is a 7.5 to 1 ratio, and support the projected creation of 131 permanent and 418 construction jobs.
“These grants will greatly help our communities put the infrastructure in place that is essential to attracting new businesses and supporting our existing businesses,” said Sertich.
The IRRR Board also approved implementation of an IRRRB Film Production Incentive Program, with an initial capitalization of $800,000. The program will position the agency for an opportunity to bring two film productions to the area in 2013. These productions could result in direct economic impact of $8 million to the Iron Range.
Nelson Wood Shims of Cohasset received a $305,550 loan for an expansion that will assist the company in capturing a larger market share of a product that is primarily imported from China. The $679,000 expansion is projected to create seven new jobs and retain 29 jobs.
A $250,000 loan to Aqua Power, Inc. of Eveleth was approved for renovations to the company’s recently acquired buildings for a planned expansion. The $777,000 project is projected to create 10 new jobs and retain 12 jobs.
In addition, $8.7 million from the Taconite Economic Development Fund was approved for projects at Arcelor Mittal Minorca; Hibbing Taconite Company; Magnetation, Inc.; Magnetation, LLC; Northshore Mining Company; US Steel – Minntac; and United Taconite, LLC.
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.