DULUTH, Minn. (AP) — A state economic development agency has unanimously approved a $36 million subsidy package designed to lure a wood siding manufacturer to Minnesota's Iron Range.
The Iron Range Resources and Rehabilitation Board on Tuesday approved the package and for the first time publicly identified the prospective manufacturer as Tennessee-based Louisiana Pacific.
Minnesota Public Radio News (http://bit.ly/1XW4ZlB ) reports that Louisiana Pacific has proposed a $440 million project that's expected to create 250 jobs at the plant and another 500 to 600 jobs in logging, trucking, forestry and retail. The company also has been considering sites in Canada and Michigan.
The incentives passed by the Iron Range board include $30 million to build infrastructure at the proposed plant site in Hoyt Lakes, including sewer and water, gas, electric and a new railroad extension and spur.
Information from: Minnesota Public Radio News, http://www.mprnews.org