IRRRB to Consider $44.4 Million in Projects
Monday, October 17's board meeting will consider major project decisions
The Iron Range Resources and Rehabilitation Board (IRRRB) will consider at Monday, October 17’s meeting whether to loan $1.5 million to an aircraft parts manufacturing facility.
ACC Manufacturing, Inc. (ACC), based out of Albuquerque, New Mexico, is making plans to build a facility in Grand Rapids, and has asked the IRRRB to assist in funding the project.
IRRRB has also been asked to loan $293,000 to the Grand Rapids Economic Development Authority to assist ACC in establishing a composite parts manufacturing facility at the Grand Rapids Airport.
Also on the agenda for the meeting:
-An $82,250 loan to Zakobe, LCC in Bovey for an expansion of the metal stamping and machining business.
-Taconite Economic Development Fund (TEDF) project allocations of $1,875,068 to Hibbing Taconite Company and $1,099,715 to United Taconite, LLC. Hibbing Taconite will utilize the funding toward the relocation of County Highway 5, which expands iron ore reserves and for scrubber house and furnace stack improvements. United Taconite will utilize the funds for engineering work on its Mustang custom flux pellet project. EAch producer must match its TEDF allocation.
-A $350,000 recapitalization of the IRRB Local Business Loan Guaranty Program, which provides loan guarantees to area businesses.
-A $1,660,000 Iron Range Higher Education Account request to launch a new process operations program at Itasca Community College; to support Iron Range Engineering; to fund an Iron Range Engineering next innovation business model study; to expand and replace welding stations at Mesabi Range College in Eveleth and Hibbing Community College; and to implement a Northeast Higher Education District strategy to attract more students to the region.
-An Iron Range School Collaboration Grand Program request of $2 million by Education Innovation partners (EIP) to initiate and support regional multi-district high-quality education and training initiatives for students, teachers, and communities, and to assist EIP members with technology equipment infrastructure upgrades.
-Development infrastructure projects totaling $2.498 million will be considered.