Hibbing Economic Development Authority Meeting Agenda October 2024
HEDA Secures $4.5M IRRR Loan for AMGS Project
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Description
HEDA executed a limited recourse loan agreement with Iron Range Resources and Rehabilitation for up to $4.5 million, including a $600,000 grant, supporting the construction of the AMGS facility as part of a joint $9M loan with DEED.
Contract Details
Contract Amount
Loan up to $4,500,000; plus $600,000 grant portion; total participation with DEED $9,000,000 combined loan
Vendor
IRON RANGE RESOURCES & REHABILITATION
Agency
City of Hibbing, MN
Contract Type
FINANCIAL_SERVICES
Document Date
October 21, 2024
Contract Term
Loan agreement dated October 21, 2024; up to 20 years stated in amortization schedule, 0% interest
Renewal Date
2044-10-21
Renewal Info
Loan may be repaid over up to 20 years; terms per amortization schedule; covered by promissory note and security agreement.
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