Deal Struck for Lake Vermilion Park

A deal to purchase 3,000 acres of land abutting Lake Vermilion has been struck between the State of Minnesota and U.S. Steel Corporation, paving the way for what would be the state’s first new State Park in 30 years.

The Minnesota Department of Natural Resources and the company have agreed to an $18 million price tag for the land near Tower, Minnesota.  The deal also includes $2.3 million gift from the company.

The StarTribune has a comprehensive story on the arrangement HERE.

The deal still may require legislative approval.  In 2008, the State Legislature approved up to $20 million in bonding authority to purchase the land.  However, lawmakers also set a cap on the purchase price at 12 percent above the land’s appraised value.

As late as November, negotiations for the land seemed at an impasse.  The state originally offered $14.7 million to U.S. Steel, with the company asking $25 million for the land.

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