IRRRB Approves Business Development Projects

By KBJR News 1

IRRRB Approves Business Development Projects

April 12, 2012 Updated Apr 12, 2012 at 3:30 PM CDT

Eveleth, MN (Northland's NewsCenter) -- The Iron Range Resources and Rehabilitation Board announced Thursday that the board approved $836,578 in business development projects and $429,700 in Public Works grants.

The projects will create 78 new jobs in all.

The business development projects leverages $1,824,429 in project costs.

The following projects were approved:

-The American Peat Technology, LLC ( APT) of Aitkin will receive a $100,000 direct loan to develop a product that will be effective in removing pollutants. The total cost will total $201,273 and create two full-time jobs. 18 jobs will be retained.

-Furin & Shea Welding & Fabrication, Inc. of Hibbing received a $170,000 bank participation loan to purchase additional manufacturing equipment. The total project cost is $340,000 and will create two full-time jobs. 29 jobs will be retained.

-R.C. Fabricators, Inc. of Hibbing received a $176,578 bank participation loan for additions of a machining center and sandblasting unit with related equipment and the construction of a facility to house the sandblasting unit. The total project cost is $353,156 and five full-time positions will be created. 29 jobs will be retained.

-Cast Corporation of Hibbing received a $390,000 bank participation loan to expand the business to include an 8,200 square foot addition that will help the business to meet their sale goals. The project will cost $930,000 and five full-time jobs will be created. 13 jobs will be retained.

The $429,700 in Public Works grants leverages over $7 million in project costs. The following are the grant projects that were approved:

-Range Regional Airport received a $150,000 grant for design costs for remodeling and expansion of the Range Regional Airport Passenger Terminal building. The total project cost is $5,448,000 and will create 35 full-time construction jobs.

-The City of Eveleth received a $35,000 grant to replace the air conditioning system at the city-owned United States Hockey Hall of Fame Museum. The total project cost is $65,000.

-The City of Hibbing received a $211,000 grant for water, sewer, roads and site work for the $1,269,000 expansion of Iracore International in north Hibbing. Relocation of a building for expansion is also included in the project. The total cost of the project is $1,480,000 and will create almost nine full-time construction jobs, as well as 20 full-time jobs over the next five years. 100 jobs will be retained.

-The City of Kinney received a $33,700 grant for refurbishing the sand filters in their water treatment plant. Project components include removal of sand from existing filters, installation of new piping and installation of filter sand. The total project will cost is $33,957.

The IRRR Board also approved $350,000 in funding for a revamped Residential Redevelopment program that will assist northeastern Minnesota communities in demolishing and removing dilapidated residential structures.

Posted to the web by Jenna Vogt

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