COHASSET, MN -- The pandemic had a big impact on the small city of Cohasset, Minnesota.
"We're going to lose a portion of our power plant we know within nine years, and another portion possibly within the 15-year span," said Cohasset Mayor Greg Hagy.
After months of layoffs and economic devastation, city leaders are trying to change the trend.
"The future is bright," Hagy said. "That's all I can say. We're doing everything we can to maintain an economic uptick here."
Cohasset's Industrial Park will house a new $4.23 million manufacturing facility.
The project is funded by a $3.38 million grant from the Economic Development Administration and $847,000 from the city of Cohasset EDA.
With 25,000 feet of leasing space, Director of Finance and City Operations Max Peters hopes this development will ease the financial hit.
"To help maintain tax base and maintain jobs and kind of smooth out some of those large impacts that we're going to experience and the challenges that we're going to face over the next 10 to 15 years," Peters said.
This project is only part of the city's plans to increase economic development and tourism.
"Really trying to take a wide, diverse view of how we make Cohasset a better city," Peters said.
Hagy hopes building the space will get businesses started and inspire others to join.
"What's the old saying? If you build it they will come? We think that's true," Hagy said.
Construction begins in the spring.
The city anticipates it will create nearly 100 jobs.
They currently have one prospective tenant and are looking for another.