Ikonics Corp. will be able to wait a little longer before it is required to identify additional land to accommodate the future expansion of its operations in Morgan Park.
The company recently completed a 35,000-square foot facility on property that was formerly part of the Atlas Cement site. Duluth-based Ikonics acquired 11 acres of land from the Duluth Economic Development Authority to put up the building. As part of its development agreement with DEDA, the imaging company agreed that by April 6 it would negotiate an option to purchase four more neighboring acres of property from DEDA for the purpose of future growth.
But DEDA has applied for a brownfields grant designed to help it assess what portion of this former industrial property is best-suited for development. If the grant application is successful, Tom Cotruvo, DEDA's executive director, said money for this evaluation could become available in May. For that reason, he recommended the deadline for identifying an additional four acres of land be extended until the end of 2010.
DEDA commissioners unanimously voted to support the extension Thursday night, with Todd Fedora abstaining because of a pre-existing business relationship with Ikonics.
Ikonics has invested about $4.5 million in its Morgan Park operations thus far.
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In other action Thursday, DEDA also unanimously agreed to support a petition by Bill Ulland, Ikonics' president and CEO, that an access road to the new facility be named Nick Glumac Drive, in honor of his late father-in-law, a Gary/New Duluth native.
