Members of the Iron Range Resources and Rehabilitation Board are set to meet Thursday in Eveleth where they are expected to approve more than $1.3 million in loan and grant projects to spur new jobs across the taconite tax relief area.
The money will go to private companies to expand, add jobs and protect existing jobs as well as Iron Range cities to improve infrastructure.
The projects on the board's agenda include:
A $113,000 bank participation loan to Furin & Shea Welding & Fabricating of Hibbing, which serves the mining, paper, power generation and construction industries. The company wants to purchase a large plate-roll machine to increase its abilities to serve existing and new customers.
A $450,000 bank participation loan to Cutsforth Inc., which manufactures products for power generation and motorsports industries. Cutsforth wants to construct a building on the former Ainsworth board plant site in Grand Rapids. The city of Grand Rapids also is seeking a $150,000 grant from the IRRRB for infrastructure and site work for the expansion of Cutsforth.
A $250,000 grant to the city of Bigfork for improvements to the water treatment and distribution system. The upgrades are necessary to accommodate the expansion of Rajala Lumber.
A $190,000 grant to the city of Chisholm for new water, sewer and road on Sixth Street Southeast between Central Avenue and Second Avenue Southeast. The completion of this project will provide a new 10 ton road to the city's business park. Anderson Lubricants, Minnesota Twist Drill and Duluth Redi Mix are expected to add jobs in the business park.
A $150,000 grant to the city of Virginia for utility hookups to Fourth Street North, which will provide infrastructure for two additional large new development projects being planned and assist in the expansion of Sundell Eye Associates on Bailey's Lake. IRRRB Commissioner Tony Sertich said the $1.3 million, funded from a portion of the state's tax on taconite, will leverage more than $9.4 million in total project investments and create at least 110 new jobs.
"These projects focus on existing businesses within our region that are growing and want to create jobs. We are happy to partner with these businesses and our local communities to provide economic opportunities to the people of the Iron Range," Sertich said in a statement Tuesday.
