Located on the shores of beautiful Lake Vermilion, Tower is a great location to raise a family or grow a new business, and the Tower Economic Development Authority is here to assist. TEDA is one of the largest property owners in the city, and our properties are available for a wide range of development for potential partners. We have property well-suited for both residential and commercial development that offers direct access to Lake Vermilion, making it ideal for recreational residential, hotel lodging, or water-oriented commercial activities. We also have property suitable for light industrial/manufacturing.
If you’re looking for a partner for your project in Tower, give us a call today.
In short, Lake Vermilion and quality of life.
National Geographic has named Lake Vermilion one of the ten most scenic lakes in the United States. This spectacular body of water, rimmed with pine and some of the oldest bedrock on the planet, stretches more than 30 miles east-to-west and holds over 365 islands. Lake Vermilion is also home to some of the best fishing in Minnesota, including highly sought species like walleye, northern pike, musky, and smallmouth bass.
The lake is also home to thousands of summer residents who come each year to take advantage of the lake’s tranquility and world class fishing.
Tower is located in the heart of Minnesota’s North Woods, surrounded by miles of wild public lands tailor-made for outdoor recreation enthusiasts. Lake Vermilion borders on the famed Boundary Waters Canoe Area, a pristine federally designated wilderness that encompasses 1.1 million acres and nearly 1,600 interconnected lakes.
Other amenities include:
The Tower Economic Development Authority serves to promote business and to recruit new business. The Tower Economic Development Authority shall consider the interest and need of City residents, private businesses, and public organizations regarding community and economic development.
TEDA Roles and Responsibilities: Promote local businesses and local business expansion, recruit new business, collaborate with prospective businesses to gather market studies and research, encourage the development of housing within the city that is safe, diverse, and which gives our citizens affordable options to own a home, provide information regarding loan/grant programs, facilitate redevelopment districts, inventory lands and buildings available for development.
TEDA owns more than 100 acres of property in and around Tower, virtually all of which is available for appropriate development projects. Contact us today to find out more about how TEDA can partner with you on your development concept.
TEDA is currently offering grant funds ranging from $3,000-$20,000 for Tower businesses that have experienced impacts from the COVID-19 pandemic. Funds can be used for a wide range of purposes, which are outlined in the guidelines and application form below. The application process is straightforward and the deadline for application is March 1, 2021. Monies are expected to be disbursed shortly thereafter. Funding for this program comes from the Department of Iron Range Resources, with matching dollars from TEDA.COVID Community Relief Program Guidelines and Application
A state agency unique to northeastern Minnesota, the DIRRR is an excellent partner with TEDA, which has helped finance everything from manufacturing plants to recreational facilities, such as Tower’s downtown harbor. The DIRRR works closely with economic development authorities on the Iron Range and TEDA has an excellent and longstanding relationship with the agency.
Construction of new headquarters and manufacturing plant for Lamppa Manufacturing— home of the most efficient and cleanest-burning wood stoves and furnaces in the world. They are best-known for their Kuuma sauna stoves and their Vapor Fire wood-burning furnaces, which are certified as meeting the 2020 EPA low emissions standards for wood furnaces. This $1.8 million project was made possible with loan funding from the Department of Iron Range Resources and Rehabilitation (DIRRR). Completed in 2020
Restoration of former Standing Bear Marina and establishment of Your Boat Club, a boat club that caters to boating enthusiasts from around the Upper Midwest. This was a partnership between TEDA, the DIRRR, and Your Boat Club in which a derelict marina with direct access to Lake Vermilion was partially demolished and subsequently renovated and/or rebuilt to serve a largely professional clientele. Completed in 2019.
In 2013, a vacant TEDA building, that formerly housed the Powerain car wash manufacturing facility, was converted into the Vermilion Country School, at grades 7-12 public charter school. The project included a $500,000 renovation, which is paid for through state lease aid from the charter school. The facility serves about 35 students and employs about 15 staff, including full-time teachers, an administrator, para-professionals, a cook, maintenance staff and bus drivers. The school has generated more than $550,000 in lease payments to date, providing sufficient revenue to service the debt and help fund TEDA’s ongoing operations.
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Would you like more information or have a TEDA representative contact you? If you would like to be a part of Tower's future, complete the form below.