Iron Range board to consider economic development loans today
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A Hibbing-based company is planning an expansion that's expected to generate 50 new jobs on the Iron Range.
Detroit Diesel Remanufacturing wants to expand into a building at the Range Regional Airport that has been vacant since it was first built five years ago.
At its board meeting today in Eveleth, the Iron Range Resources and Rehabilitation Board votes on a $2.5 million loan to the airport authority to complete the building. The agency funded construction of the building "on spec" at the worst possible time — right before the economy crashed, said Board Commissioner Tony Sertich.
"But the good news now is we've got a strong local tenant who's busting at the seams, who can take advantage of that property, and grow some jobs on the Iron Range," Sertich said.
The IRRRB will also vote on a $2 million loan to fund an expansion of Louisiana Pacific's siding plant in Two Harbors. That's expected to create 17 new jobs. It would also help the hard hit logging industry by increasing demand for timber, Sertich said.
"They're going from 80,000 cords to a need of 100,000 cords. So that's another place loggers can ship their product."
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