At the Sept. 8 meeting of the Iron Range Resources & Rehabilitation Board meeting, more than $2.9 million in loans and more than $4.1 million in grants were approved to advance projects in northeastern Minnesota.

The total combined project investment is approximately $34 million. 

The projects are expected to increase the regional tax base, create permanent and construction jobs, provide essential services and improve outdoor recreation. The loans are anticipated to create 25 new jobs and retain 73 jobs. The community and development infrastructure projects are projected to impact 345 jobs and create 104 construction jobs.

Local loans include: 

KMDA, Inc., Bovey: Bank participation loan of $130,000 to purchase the assets from two businesses and grow their production and product offerings.

City of Cohasset: Community infrastructure grant of $250,000 to construct infrastructure for a 216-acre industrial site with a vacant 400,000-square-foot industrial facility previously occupied by Ainsworth for its OSB manufacturing. The project will create space for six new industrial developments.

City of Grand Rapids: Community infrastructure grant of $250,000 to construct infrastructure for a 216-acre industrial site with a vacant 400,000-square-foot industrial facility previously occupied by Ainsworth for its OSB manufacturing. The project will create space for six new industrial developments.

City of Grand Rapids: Regional trail grant of $139,500 to construct a trail connector between two multi-use trail systems in the southern portion of Grand Rapids.

Itasca County: Regional trail grant of $16,000 to facilitate a master planning process for the development of a mountain bike recreation area in the city of Nashwauk.

Itasca County Land Department: Regional trail grant of $50,000 to construct an ATV trail connector between the Alborn-Pengilly Railroad ATV Trail and the city of Nashwauk.

Lawron Trail Riders: Regional trail grant of $70,000 to replace the Balsam Creek Bridge which is connected to the Delbert Brandstrom Snowmobile, Balsam ATV and off highway motorcycle trails.

0
0
0
0
0

Recommended for you

Load comments