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Council approves $100,000 IRP loan with standard safeguards to keep business in Crookston
Crookston City Council · December 31, 2024
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Summary
The council approved a $100,000 intermediate relending (IRP) loan for a business planning a facility in Crookston, including an acceleration clause and equipment liens to discourage relocation and protect the city.
Council approved an IRP (intermediary relending program) loan of $100,000 to support a business’s plan to construct or acquire a facility in or serving Crookston.
City staff explained the loan committee…
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