EDA loan approved to ready downtown building for grocery store; tenant fit‑out still unfunded

Acting Mayor Matt Rowan told attendees that the Eveleth Economic Development Authority received approval for a non‑recourse loan to renovate a derelict downtown building for a grocery store. "We had a high hope of $5.5 million to completely do the entire project. It was approved for $3.6 million," Rowan said, adding the approved funds will allow the building to be structurally rehabilitated and made tenant‑ready while grocery‑specific fixtures (coolers, shelving) will need separate funding.

Why this matters: a local grocery would restore access to fresh food downtown and is a key condition many developers cited before committing to nearby housing and commercial projects. Rowan said the EDA will lease the building and work with a developer and tenant on remaining funding requests; he also said the funding agency indicated willingness to consider additional funding requests later.

Council staff and residents discussed timelines and public notification. Rowan suggested the paper and the city's website will carry updates when final agreements are signed. Jackie (staff) explained the EDA model is designed to allow local government to own and lease buildings to reduce developer capital requirements.

Next steps: EDA and city officials will continue negotiating with prospective tenants and contractors; work on the building's roof, parking lot and interior shell was described as the immediate priority. No council vote on the EDA loan or an ordinance was recorded at the town hall; Rowan framed the approval as a recent EDA development.