Lawmakers Working on Incentive Package for Iron Range Plant

State lawmakers and economic development officials want to craft a multi-million-dollar incentive package to attract a major manufacturing operation to Minnesota’s Iron Range. 

According to Minnesota Public Radio News, the company’s name has not yet been announced. But state officials have said it’s a very large publically traded company that’s seen exponential growth in recent years and is looking to expand. 

Lawmakers are trying to move quickly on a subsidy package so they don’t risk losing the plant. A budget plan proposes annual payments of up to $3 million beginning in 2017 and ending in 2035. 

The plant is expected to bring about 250 jobs to a part of Minnesota that’s economically struggling.  

Developers are considering locations in or near Hoyt Lakes, Grand Rapids and Cook. 

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