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EDA reports loan funds, AMGS expansion and DEED grant application
Summary
The Economic Development Authority reported loan‑fund balances, an approved $9 million loan package to support AMGS expansion and a $407,000 DEED redevelopment grant application for East Howard Street properties.
Betsy Olavanti, speaking for the Hibbing Economic Development Authority, briefed council on the EDA’s finances and projects, including loan fund balances, TIF performance and downtown revitalization work.
Olavanti said the EDA has $610,943.90 available to lend in Fund 250 and an outstanding COVID‑era loan balance of $301,019.24 in that portfolio. She said the EDA board approved seeking a combined $9,000,000 in loans through IRRR and the 21st Century Mineral funds via DEED to support the AMGS expansion project on 13th Avenue East; a groundbreaking was scheduled for Aug. 29 at 1 p.m.
Olavanti also reported that the EDA applied for $407,000 in DEED redevelopment funding for properties at 408–416 E. Howard St., and described an active downtown loan pipeline and the city’s local housing trust fund work. She said the EDA plans to use fund balances and targeted lending to support local commercial and housing projects.
Council asked procedural questions; no final borrowing action for the city council was taken at the Aug. 7 meeting; Olavanti said more items would come forward for council and EDA approvals as projects proceed.
