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Jobs Development Authority approves PACE loan request for YMI Industries real‑estate holding company
Summary
The Jobs Development Authority unanimously approved a PACE financing request to support Huntsville Properties’ acquisition and renovation of a new 25,000‑square‑foot facility for YMI Industries.
The Jobs Development Authority voted unanimously to approve a PACE (Property Assessed Clean Energy/facility‑investment style) loan request on behalf of Huntsville Properties, a real‑estate holding company connected to YMI Industries.
Kevin Hatcher, business development manager with the Grand Forks Region EDC, told the authority that YMI Industries is a 75‑year‑old regional parts and custom‑manufacturing business in Grand Forks that is at capacity and seeks to add a 25,000‑square‑foot warehouse between its main facility and an adjacent welding site. The project would support an expansion and efficiency improvements.
Hatcher described the request as a “little over a million dollars” total project; the PACE/flex request includes a $784,000 note from Choice Bank with a subsidized interest rate reportedly reduced from roughly 7% to about 2.5% under the program. Hatcher said the request also leverages a Bank of North Dakota program portion; the transcript lists the internal reference number for the request as 1061106184.
Security and repayment: Hatcher said the collateral package will include a corporate guarantee from YMI Industries, a personal guarantee from the buyer (Daniel Altapeter), and a subordinate mortgage on the property. The authority heard no public comment and moved to approve; Council member Paczynski moved approval and the motion carried unanimously.
Provenance: Jobs Development Authority meeting, public presentation and vote on item 2.1, 04/07/2025.
