Duluth City Council Approves Funds, Tax Breaks For Company Looking To Buy Verso Paper Mill
DULUTH, Minn. — On Monday night, the Duluth City Council voted to approve tax abatements for the company interested in buying the shuttered Verso Paper Mill in the city.
Under the new agreement, the city will provide up to $600,000 in tax breaks for ST Paper, while also providing $240,000 to the company in the form of a loan, so it can buy the mill.
In return, ST Paper needs to create at least 80 jobs at the mill.
ST Paper is also working with the state legislature to get a $3 million forgivable loan.