Oct. 7, 2026

FOR MORE INFORMATION:

Jordan Metsa, Communications Director

218-735-3061, Jordan.Metsa@state.mn.us

More than $14.7 million invested in businesses and communities across the Taconite Assistance Area

At today's Iron Range Resources & Rehabilitation (IRRR) Board meeting in Eveleth, more than $14.7 million in projects were reviewed that grow new and existing businesses, support communities, modernize infrastructure and public facilities and increase the housing inventory within the Taconite Assistance Area.

Business Development Loans: $4,050,000

• Aqua Power Inc. and Range Furnace Cleaning Inc.: $1,100,000 to purchase two buildings that house Aqua Power and complete the buyout of the remaining shares of stocks of Aqua Power and Range Furnace Cleaning. Aqua Power primarily serves mining and ethanol producers across the Upper Midwest, with growing demand for its specialized hydro-jetting services.
• Chisholm Economic Development Authority (EDA): up to $2,950,000 to acquire and rehabilitate the former Minnesota Twist Drill property for industrial use, including roof and manufacturing equipment replacement and potential building modifications to accommodate multiple tenants. The project will add new employment opportunities and support the city’s long-term tax base.  

Site Readiness Development Grant: $162,500

• City of Hoyt Lakes - Laskin Energy Park: $162,500 to complete site due diligence and pre-design work for five acres within the city’s industrial park, evaluating the site for a potential manufacturing expansion and future development.

Community Development Grant: $1,800,000 

• Virginia Economic Development Authority (VEDA): $1,800,000 to provide one-time funding for the VEDA Downtown Commercial Rehabilitation Program to help property owners complete remaining steam conversions. The funding will complement property owner investments and other public and private resources, helping projects move forward in conjunction with the targeted Oct. 31, 2026, steam shutdown. It will also support the continued stabilization and redevelopment of Virginia's downtown commercial district.

Public Works Grants: $2,771,500

• Balsam Township: $70,000 to improve the community center with a new steel roof and replacement doors, make other facility repairs, and add 550 feet of accessible sidewalks connecting the center to park amenities.
• Chisholm-Hibbing Airport Authority: $250,000 to improve Range Regional Airport by replacing three miles of perimeter fencing, rehabilitating a taxiway and aircraft parking apron, and upgrading stormwater drainage to support safe and reliable airport operations.
• Crane Lake Township: $51,500 to extend electrical utilities to serve 14 new residential parcels and at least two commercial parcels, supporting future development.
• City of Ely: $650,000 to construct new fire and ambulance facilities that provide space for modern emergency vehicles and equipment and support reliable emergency response in Ely and surrounding communities.
• City of Eveleth: $250,000 to rehabilitate a city-owned property on Wolverine Way as a business incubator, providing affordable, flexible commercial space for local businesses and entrepreneurs.
• City of Hibbing: $1,500,000 to complete priority maintenance and building system upgrades at the Central Range Public Works Facility, supporting reliable transportation maintenance and public works services across the central Iron Range.

Housing Grants: $5,500,000

• City of Biwabik: $625,000 to redevelop a former school and brownfield site into eight one-bedroom workforce housing units, addressing environmental conditions and adding rental options for local workers.
• City of Crosby: $500,000 to develop Cuyuna Ironworks, an eight-unit multifamily housing development that will add market-rate rental options for workers and small households.
• City of Hibbing: $2,000,000 to develop Iron Exchange at 400, a mixed-use workforce development with 80 workforce housing units and street-level office and commercial space on Howard Street.
• Housing and Redevelopment Authority (HRA) of Virginia: $275,000 to redevelop the former Mill 40 brownfield site into three lots for new single-family homes, returning a long-unused property to productive use.
• City of Marble: $90,000 to prepare a site and extend utilities for Stanwell Court, a proposed 20-unit senior cottage community, expanding accessible housing options and supporting future development.
• City of Virginia: $1,610,000 to develop Midway Apartments, a 73-unit workforce housing development with market-rate apartments and on-site parking.
• North St. Louis County Habitat for Humanity: $400,000 to develop affordable homeownership opportunities across Iron Range communities by building or rehabilitating six homes and preparing two additional sites for future homes.

Housing Grant Increase: $500,000

IRRR previously provided grant funding for this two-year project to redevelop a 20-acre site in the center of the community that was previously home to the Eveleth school campus. The project will result in 28 single-family lots, a seven-acre park with recreational amenities and trails, the transformation of an existing school building into a community multi-purpose building, and future opportunities for multifamily housing.

• City of Eveleth: $500,000 to support the Year 2 work, due to other funding sources in original project plan being unavailable.

The projects reviewed at today’s board meeting support IRRR’s Fiscal Year 2027 spending plan which helps to fund projects in business, community and workforce development in the Taconite Assistance Area.