Much of the Iron Ore Range in NE MN has been on a roller coaster ride of boom and bust as its one major industry swings with the market for steel. I learned of one town that has tried to leverage this declining resource for long term benefit on my visit to the region last week.
Virginia, MN (population 9,157) has taken their share of the taconite (iron ore) tax and put it into a long term economic development fund. Most other towns have taken the funds and used it for general operations. Virginia took a much longer term approach.
To date they have built a ski lodge, Giant’s Ridge; and museum/amusement park, Ironworld. They also are working on turning one of the old open pit mines into a lake, hoping to develop high value lake shore property.
I’m betting that Virginia is setting itself apart from its neighbors by a wide margin. I’d like to check back in a couple of years to see by how far.
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