The City of St. Louis Park made three forgivable business loans to spur construction and job creation under temporary authority the Minnesota Legislature granted in 2010, according to a report at Finance & Commerce.
Those three in St. Louis Park were among 17 forgivable loans cities made to businesses statewide, F&C said. The biggest of St. Louis Park's loans was to , for $500,000.
Hardcoat used the money as part of a $3.5 million renovation project that St. Louis Park Economic Development Coordinator Greg Hunt told F&C would see the property's $1.2 million value double.
The company does not have to pay the loan back if it occupies the building for five years and doesn't sell it, Hunt told F&C.