city-of-faribault-city-council-work-session-agenda-august-18-2025_686.pdf
Faribo Downtown Central awarded $1.5M loans for downtown rehab
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Description
Faribo Downtown Central received $1 million in forgivable loans from EDA and HRA and a $500,000 repayable loan from City Council to rehabilitate downtown properties, with a 5-year retention term.
Contract Details
Contract Amount
$1,000,000 forgivable loans + $500,000 repayable loan
Vendor
FARIBO DOWNTOWN CENTRAL
Agency
City of Faribault, MN
Contract Type
Loan Agreement
Document Date
August 18, 2025
Contract Term
5 years from execution of loan agreements
Renewal Date
NA
Renewal Info
Pending approval of assignments and ownership restructuring related to loans
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