Hibbing Economic Development Authority Regular Meeting Agenda May 2026
Staff propose $166,000 RLF loan for Rebound predevelopment
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Description
Staff recommend that HEDA approve up to $166,000 in Revolving Loan Fund financing for Rebound Partners’ Iron Exchange at 400 project, limited to third-party predevelopment costs. The loan would carry 3.0% interest, require no interim payments, and be repaid at financial closing anticipated in December 2026.
Contract Details
Contract Amount
Up to $166,000 (HEDA share of eligible third-party costs)
Vendor
REBOUND PARTNERS LLC
Agency
THE HRA OF HIBBING, MINNESOTA, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 4, 2026
Contract Term
Through financial closing, anticipated December 2026
Renewal Date
2026-12-31
Renewal Info
Predevelopment loan structured as interest-bearing, no-payment financing through construction closing, with repayment via project capital stack; contingent on IRRR or other partner participation.
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