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JDA approves PACE aid for Twin State Environmental and loan modification for SkySpec
Summary
The Jobs Development Authority approved a $269,231 PACE assistance package for Twin State Environmental to support a $3.8 million facility and also approved a loan modification for SkySpec to reduce monthly payments and stretch amortization to ease near-term cash flow.
The Jobs Development Authority approved PACE assistance for Twin State Environmental and granted a loan modification to SkySpec during its March 2 meeting.
Staff introduced Twin State Environmental’s project, saying the Iowa-based, family-owned company developed the “Raptor Cleaning System,” a robotic system to clean railcar oil tanks and recover resellable residuals. Staff said the company intends to build a facility on about a 5-acre site north of Grand Forks and requested $269,231 to buy down interest on a roughly $3.8 million commercial loan. “They've been family owned since their founding over 60 years ago,” a staff presenter said.
After brief comments by board members and a short public hearing with no speakers, the JDA voted to approve the PACE assistance; the motion carried with a 6–1 tally.
Separately, JDA members considered a loan modification for SkySpec (described in the staff report as an accelerate borrower). Company representative Ken Barton explained the request stemmed from a delay in ARPA-funded work and near-term hiring needs: “We're actually doing really well ... but we have cash flow issues,” he said, explaining the proposal to reduce monthly payments from about $26,000 to $10,000 by spreading repayment over 28 months instead of the previously planned 12. Staff told members all other loan terms would remain unchanged. The authority approved the modification after a public hearing with no speakers.
The JDA’s approvals aim to support local business growth and preserve jobs, according to staff comments. No additional conditions beyond those in the staff reports were read into the record. The board moved on to routine easements and adjourned.
