Hibbing Economic Development Authority Meeting Agenda May 2026
Business Subsidy Loan Agreement with AMGS Planned
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Description
HEDA plans a $150,000 business subsidy loan agreement with Advanced Machine Guarding Solutions Inc. to support working capital needs while the company seeks new equity investment. The agreement requires job retention, livable wages, and a five-year operations commitment in Hibbing.
Contract Details
Contract Amount
$150,000.00
Vendor
ADVANCED MACHINE GUARDING SOLUTIONS INC
Agency
City of Hibbing, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 5, 2026
Contract Term
At least 5 years of operations commitment within the City of Hibbing from the time subsidy is provided
Renewal Info
Agreement obligates AMGS to maintain operations for five years; no automatic renewal, but HEDA may call the loan due if criteria are not met.
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