March 18, 2016
We found that the Iron Range Resources and Rehabilitation Board (IRRRB) has not adequately overseen the loans and grants it awards for economic development. In addition, we found that the Giants Ridge Resort, which is owned by the IRRRB, has had large and growing operating losses for many years. We also found that the law establishing the composition and powers of the IRRRB Board is vulnerable to a constitutional challenge. We make recommendations to improve IRRRB economic-development efforts and outline options that would reduce the risk of a constitutional challenge to the IRRRB Board structure.