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City Lends Hand to Economic Development Group

By Randy Thoms Jan 31, 2023 | 11:21 PM

The city of International Falls is lending a lifeline to the Koochiching Economic Development Authority.

The city’s Economic Development Authority is loaning KEDA $100 thousand to help it get through the next couple of months.

KEDA’s Paul Nevanen says the financial help was necessary because of unexpected increases in their expenses not previously budgeted.

Nevanen says the contracts signed by users of their cold weather testing facility also played into the cash flow issues.

Those contracts are written up that allow for payments back to KEDA to be made every three months.

Nevanen expects things to even themselves out by the end of March.

The loan from the International Falls Economic Development Authority is interest-free.


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