Lawmakers Assembling Incentives for Iron Range Project
ST. PAUL, Minn. (AP) — 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.
Minnesota Public Radio News reports that the company's name hasn't 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 for expansion projects.
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.