Hibbing Economic Development Authority Regular Meeting Agenda May 2026
HEDA weighs $276,000 predevelopment loan to Rebound
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Description
HEDA is considering a $276,000 predevelopment funding package for Rebound Partners LLC to advance the Iron Exchange at 400 mixed-use workforce housing project. The loan would fund architecture, engineering, and project management costs from April through December 2026.
Contract Details
Contract Amount
$276,000
Vendor
REBOUND PARTNERS LLC
Agency
THE HRA OF HIBBING, MINNESOTA, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 4, 2026
Contract Term
April 2026 – December 2026 (monthly predevelopment draws)
Renewal Date
2026-12-31
Renewal Info
New predevelopment financing structured as monthly draws April–December 2026; repayment anticipated at project financing close, with separate Revolving Loan Fund participation and IRRR grant support under consideration.
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