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The Economic Development Authority approved a $50,000 special loan for MightyFine! Coffee Company at 3% interest over 10 years, with interest-only payments during the first year. Members also accepted a vacancy-rate memorandum and approved assignments related to Faribault Apartments LLC and South Faribault Apartments LLC.
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The approved loan provides financing to MightyFine! Coffee Company under terms not available through the EDA’s existing loan programs. The authority discussed potential support of $200,000 to $300,000 for the Hill Block project, but took no action on that request. It also approved changes to development agreements involving two apartment companies.
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