JDA holds public hearing, unanimously approves updated flexPACE loan for Acme

The Grand Forks Job Development Authority (JDA) held a public hearing and unanimously approved an updated flexPACE loan for Acme after staff said higher interest rates raised the buy-down amount since the board’s original approval in November.

At the JDA meeting Vice Chairwoman Osowski presided. Staff reported the Acme loan had been approved by the board in November and was expected to close this month, but a rise in market interest rates increased the buy-down requested from the community. Staff described the update as a “fairly administrative” revision to the previously approved loan and asked the board for updated approval because the revised loan amount was higher than the November authorization.

A board member moved to approve the updated loan and a second was received. The chair opened a public hearing and, after no public comments, closed it. The board then voted in favor; the clerk recorded the outcome as passing unanimously.

The hearing and vote were procedural: the loan revision returns the item to the board because the changed buy-down exceeded the prior authorization. No detailed loan terms, interest rates or dollar amounts were given on the record at the meeting, and staff indicated they would proceed to close once the updated approval was in place.