The Tracy EDA on Wednesday passed a motion to act as legal sponsor on a project and loan application for a $250,000 loan from the Department of Employment and Economic Development for a roughly $1.5 million project Iterro is planning for the former Salmon building (most recently Chasing Our Tails) on 4th St.
The loan would be secured with new equipment, on a seven-year, 1% interest loan through the Minnesota Investment Fund (MIF). The City of Tracy would retain 40% of principal and interest payments, not to exceed $100,000, which will be committed in a new EDA Revolving Loan Fund.
These funds can then be used for future business expansion projects.
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