Hibbing Economic Development Authority Regular Meeting Agenda April 2026
HEDA Weighs $276K Predevelopment Loan to Rebound
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Description
HEDA is considering a $276,000 predevelopment loan and business subsidy agreement with Rebound Partners LLC for the Iron Exchange at 400 mixed-use workforce housing project. Funds would cover architecture and predevelopment management from April through December 2026, with repayments governed by HEDA loan terms.
Contract Details
Contract Amount
$276,000
Vendor
REBOUND PARTNERS LLC
Agency
THE HRA OF HIBBING, MINNESOTA, MN
Contract Type
FINANCIAL_SERVICES
Document Date
April 16, 2026
Contract Term
Predevelopment period April–December 2026; business subsidy operations commitment at least five years from subsidy
Renewal Date
2031-12-31
Renewal Info
Business Subsidy Agreement requires Rebound to maintain operations in Hibbing for five years; loan terms include ACH payments and personal guarantees, with HEDA able to call the loan if criteria are not met. Future construction financing will involve additional agreements with multiple funders.
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