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Auditor says Excelsior loan oversight weak
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Auditor says Excelsior loan oversight weak
Minnesota's Office of the Legislative Auditor, in response to a citizen's complaint, concluded in a report Thursday that an Iron Range development agency did not adequately oversee the use of loans to Excelsior Energy Inc., developers of the proposed Mesaba coal-gasification plant on the range. The report said Excelsior apparently misused at least $40,000 of the $9.5 million in loans from Iron Range Resources, a state agency established to diversify the region's taconite-based economy.
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