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FINANCIAL_SERVICESPENDING

Hibbing Economic Development Authority Meeting Agenda May 2026

HEDA RLF Participation Proposed for Rebound Predevelopment

Up to a maximum of $83,000, or matching the amount from external funding partners, within a total predevelopment budget of $276,000City of HibbingREBOUND PARTNERSMay 5, 2026

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Description

HEDA staff recommend a Revolving Loan Fund participation of up to $83,000 to cover eligible architectural and engineering predevelopment costs for Rebound’s Iron Exchange at 400 project. The 3% fixed-rate loan would be interest-accruing but payment-free until being repaid from project financing at closing.

Contract Details

Contract Amount

Up to a maximum of $83,000, or matching the amount from external funding partners, within a total predevelopment budget of $276,000

Vendor

REBOUND PARTNERS

Agency

City of Hibbing, MN

Contract Type

FINANCIAL_SERVICES

Document Date

May 5, 2026

Contract Term

Through financial closing, anticipated December 2026; no scheduled payments during predevelopment with balloon at closing

Renewal Date

2026-12-31

Renewal Info

Single predevelopment facility ending at financial closing; no renewals described. Term may adjust if closing occurs later than anticipated.

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