IRRRB approves $11 million investment to help create nearly 150 jobs on the Iron Range

By KBJR News 1

IRRRB Projects Map over the past three years

November 7, 2013 Updated Nov 7, 2013 at 1:35 PM CDT

Eveleth, MN (NNCNOW.com) --- 148 new jobs are coming to the Iron Range after the Iron Range Resources and Rehabilitation Board approved $11.2 million in investments to area businesses.

Delta Air Lines received a $5.9 million direct loan for the renovation and modernization of its 40,000 square foot facility in Chisholm. The funding will transform the facility into a modern, state-of-the art Customer Engagement Center and refurbish the infrastructure. It is projected that 107 new jobs will be created as a result of the expansion.

A $5.04 million direct loan to the Chisholm-Hibbing Airport Authority was also approved to increase the size of its speculative building for further expansion by Detroit Diesel Remanufacturing. The company recently relocated its operations to the airport site and is already moving on to the second phase of its expansion. In addition to the 10 projected new jobs related to the company’s relocation, 40 jobs are projected to be added with this expansion.

A $250,000 bank participation loan to Hibbing Fabricators was approved. The loan will be used to add manufacturing and precision inspection equipment, which will help the company to increase production, remain competitive and add to its customer base, while creating one new job.

Also during today's IRRRB meeting, $5.4 million in Taconite Economic Development Fund requests were approved for two projects at United States Steel – Keetac and two at United States Steel - Minntac.

Posted to the web by Krista Burns