IRRRB approves $8.6 million in investments to Iron Range projects

By KBJR News 1

IRRRB approves $8.6 million in investments to Iron Range projects

December 20, 2013 Updated Dec 20, 2013 at 3:23 PM CDT

Eveleth, MN (NNCNOW.com) --- Dozens of projects that could create hundreds of jobs across the Iron Range are getting some help in moving forward.

The Iron Range Resources and Rehabilitation Board approved $8.6 million in project investments at their meeting in Eveleth today. The Iron Range projects have a total investment of $47.2 million and support the projected creation of 351 jobs.

The City of Biwabik received a $1.94 million non-recourse loan for the $2.84 million Laurentian Monument, Granite & Stone (LMGS) expansion project. LMGS currently produces granite countertops and monuments and is expanding into other areas of natural stone use, such as structural, architectural, decorative and landscaping. Fifteen jobs are projected to be created.

The board also approved $6.66 million in infrastructure grants for projects totaling $44.4 million. It is projected that 336 jobs will be created.

“These projects will have a big impact on our communities by creating jobs and putting the necessary economic infrastructure in place to attract and support businesses," says IRRRB Commissioner Tony Sertich.

In addition, $6.8 million from the Mine Reinvestment Program (Taconite Economic Development Fund) was approved for projects at ArcelorMittal-Minorca; Hibbing Taconite Company; Magnetation, LLC; Mesabi Nugget; Northshore Mining Company; and United Taconite, LLC.

Posted to the web by Krista Burns