IRRRB to consider $8.6 million in Iron Range project investments

By KBJR News 1

IRRRB to consider $8.6 million in Iron Range project investments

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    IRRRB – FY2014 Community Infrastructure Projects map, which includes the proposed grants and two that were approved at the November 7, 2013 meeting.

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December 18, 2013 Updated Dec 18, 2013 at 12:59 PM CDT

Eveleth, MN (NNCNOW.com) --- The Iron Range Resources and Rehabilitation Board will be considering $8.6 million in project investments that could create nearly 350 jobs across the Iron Range.

The Board will meet on Friday in Eveleth to discuss the approval of a $1.94 million loan and $6.66 million in infrastructure grants. The projects have a total investment of $47.2 million and support the projected creation of 351 jobs.

The City of Biwabik is seeking a $1.94 million non-recourse loan for the Laurentian Monument, Granite & Stone (LMGS) expansion project. LMGS currently produces granite countertops and monuments and is expanding into other areas of natural stone use. Funding will be used to construct a new industrial building and purchase a site that will provide stone inventory. The project is projected to create 15 jobs.

The board also will consider $6.66 million in infrastructure grants for 33 projects that could create about 336 jobs.

“By investing in these projects, we are helping provide our local construction workers with well-paying jobs, while upgrading outdated infrastructure and supporting business development,” says IRRRB Commissioner Tony Sertich.

We have provided the list of projects across the Iron Range that will be considered during Friday's meeting.

Posted to the web by Krista Burns