Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Finance topic
No spam. Unsubscribe anytime.
EDA authorizes pre‑application for confidential business to pursue state investment and job‑creation grants
Summary
The Hubbard County EDA approved staff to pursue pre‑application steps with DEED for a confidential business seeking Minnesota Investment Fund and Job Creation Fund assistance; the board authorized due‑diligence work but made no commitment on finance terms or grants.
Hubbard County EDA members authorized staff to proceed with a pre‑application and due diligence for a confidential business that seeks support through Minnesota’s Minnesota Investment Fund (MIF) and the Job Creation Fund.
Staff said the business is not yet public and asked the board for pre‑application approval so state representatives and county staff can complete due diligence. Staff explained the MIF can include loan and grant components and that the EDA would later determine whether any portion (up to a discretionary amount such as $100,000) would be structured as a grant or a loan and set repayment terms and interest rates. The Job Creation Fund, staff said, provides rebates tied to verified job creation by the business.
A board member asked whether the project is a good fit; staff said preliminary review indicates it would be. The board voted to approve the pre‑application and due diligence steps; the vote did not commit EDA funds or set grant/loan terms. Staff will return with full application materials once confidentiality and due diligence allow public disclosure and final decisions by the board.
Discussion vs. decision: the board’s action authorized staff to continue pre‑application and due‑diligence work only. No final award, loan, grant or financial commitment from the EDA was made at this meeting.
