Hibbing Economic Development Authority Meeting Agenda May 2026
Predevelopment Subsidy Loan for Iron Exchange at 400
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Description
HEDA is preparing a $276,000 business subsidy loan agreement with Rebound Partners LLC to cover predevelopment costs for the Iron Exchange at 400 mixed-use workforce housing project. The subsidy supports architectural and engineering work needed to move the downtown redevelopment toward construction.
Contract Details
Contract Amount
$276,000.00
Vendor
REBOUND PARTNERS LLC
Agency
City of Hibbing, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 5, 2026
Contract Term
Predevelopment period April 2026 – December 2026
Renewal Info
Five-year commitment for Rebound to maintain operations in Hibbing after subsidy; no renewal provisions stated, but HEDA may call the loan if criteria are not met.
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