FINANCIAL_SERVICESONGOING

Hibbing Economic Development Authority Regular Meeting Agenda May 2026

Multi-source subsidy package supports AMGS expansion

Department of IRRR Loan of $4,500,000; Department of IRRR Grant of $300,000; MN DEED 21st Century Mineral Fund Loan of $4,500,000; MN DEED 21st Century Mineral Fund Grant $300,000; value of land site $100,000; lease with HEDA at below-market ratesTHE HRA OF HIBBING, MINNESOTAADVANCED MACHINE GUARDING SOLUTIONS INCMay 4, 2026

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Description

The Hibbing Economic Development Authority outlines a financing package for Advanced Machine Guarding Solutions Inc. that includes multi-million-dollar loans and grants from IRRR and MN DEED, a favorable lease, and a land contribution valued at $100,000. This coordinated subsidy aims to retain and grow manufacturing jobs and tax base in Hibbing.

Contract Details

Contract Amount

Vendor

ADVANCED MACHINE GUARDING SOLUTIONS INC

Agency

THE HRA OF HIBBING, MINNESOTA, MN

Contract Type

FINANCIAL_SERVICES

Document Date

May 4, 2026

Renewal Date

2026-07-01

Renewal Info

Ongoing multi-party financing structure; includes lease with HEDA where rent on the new building commences July 2026 and various state loans and grants administered through HEDA.

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