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The Economic Development Authority approved support for a proposed $250,000 forgivable loan—$50,000 annually for five years—to help relocate a global headquarters downtown. The project would use a 15-year private lease, with other potential assistance including a reported $100,000 from MIF and tax abatement.
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The action supports an effort to keep a company in Faribault and bring its headquarters to downtown, but the minutes do not state that the loan has been fully issued. The EDA also approved revised Chamber service-agreement terms providing $2,500 per month for the rest of 2025, with a review after the start of next year. Additional approvals addressed documentation for a $500,000 downtown property investment, release of an expired $60,000 repayment agreement, and payment for an incomplete marketing-folder project.
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