The Grand Forks Growth Fund has approved a $107,000 FlexPace loan to assist the owners of the Northern Air Fun Center to develop an indoor electric go-kart track and an outdoor 18-hole mini golf course. The money would be used to buy down interest on a commercial loan. The total project cost is estimated at around $2.7 million dollars. The loan would help reduce the interest rate from 4,25% to 1%. The deal still needs to be reviewed by the city council meeting as the Jobs Development Authority.
In other Growth Fund action…members authorized bidding for the fit-up of the Tech Accelerator project in the downtown Grand Forks Herald Building. The U.S. Economic Development Administration recently awarded the city a one-million dollar plus grant for constructions costs. The overall project is budgeted at three-million.
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