Irises like sunshine and dry feet -- so if your space provides this, you should be good. I'd be careful with the mulch -- it can hold moisture, which would make the rhizomes unhappy. So if you decide to use mulch -- be sure to keep it away from your rhizomes.
BTW -- my sister lives in Elk River -- I've been in and through your area many, many times!!
to our Iris forum. Hope you decide to stay -- and get yourself addicted to Irises just like we are!!