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The Economic Development Authority approved Resolution 2025-16 for a forgivable loan to support relocating a global telecommunications headquarters to downtown Faribault; discussion referenced a $50,000 commitment. Staff said current funding is available through the EDA’s separate tax levy, but future payments depend on continued City Council approval.
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The approved loan is intended to help keep the business in Faribault and move its headquarters downtown. The EDA said the money comes from a special levy separate from the City’s general levy, with enough funding currently available. The EDA also discussed reviewing its 2026 budget and loan programs, but took no action on those items.
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