Title
RESOLUTION AUTHORIZING MINNESOTA INVESTMENT FUND SUBGRANT AGREEMENT WITH ST PAPER 1 LLC.
Body
CITY PROPOSAL:
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes application acceptance of a $3 million dollar grant from the Minnesota Department of Employment and Economic Development for the project at 5106 S 50th Ave W. This application is in support for the project with ST Paper 1, LLC, who purchased the former Verso Paper Mill at 100 N Central Avenue. The Duluth Paper Mill was originally founded in 1987 and closed in 2020. ST Paper 1, LLC proposes to purchase the facility and convert it into a tissue manufacturing plant. The project is anticipated to cost in excess of $40 million dollars and will result in 80 new jobs for the region.