The Crookston Housing and Economic Development Authority (CHEDA) met on Thursday morning at Valley Technology Park and approved to award the Crookston Inn a loan in the amount of $75,000.
The Crookston Inn was forced to shut down operations earlier this year and has had to search for funding within local entities to re-open. The loan CHEDA has awarded is worth $75,000, which includes a 10-year repayment plan with a 4% interest rate. “We’re excited to be able to help fund the Crookston Inn,” said Crookston EDA Director Karie Kirschbaum. “I believe we are the last portion they needed to lock in to be able to move forward, and we’re excited to do that.”
A group of five entities (including CHEDA) have come together to accumulate funding for the Crookston Inn so they can re-open. Below are the entities and the amount they are contributing-
-The City of Crookston (via IRP loan program) in the loan amount of $250,000
–United Valley Bank in the loan amount of $200,000
-Northwest Regional Development Commission in the loan amount of $150,000
-Laurie and Craig Stahlecker (via personal investment) in the amount of $200,000
-The Crookston Housing and Economic Development Authority in the loan amount of $75,000
Kirschbaum was pleased to see the collaborative efforts shown to revitalize the local business and believes the Crookston Inn is a vital business to the Crookston community. “Everybody did a good job taking the time to explain things to us, and we heard a lot of good things on Monday night,” said Kirschbaum. “This is just a collaborative effort; it did take some time, but at least it shows we can all work together to make something happen for the community.”
