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Grand Forks City Council approves Ideal Aerosmith loan

Grand Forks City Council members approved a $163,500 economic development loan Monday from the city to Ideal Aerosmith. The money is coming from the city's Economic Development Administration Revolving Loan Fund and will be used to buy equipment ...

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Grand Forks City Council members approved a $163,500 economic development loan Monday from the city to Ideal Aerosmith.

The money is coming from the city's Economic Development Administration Revolving Loan Fund and will be used to buy equipment for the company's operations at 3001 S. Washington St.

Ideal Aerosmith decided earlier this year to consolidate its local operations to that facility, bringing roughly 40 jobs from East Grand Forks.

Ideal Aerosmith makes electronic test equipment for the aerospace, defense, auto, and oil and gas industries, according to its loan application.

The loan approved Monday will be paid back in 60 months at a 2.4375 percent interest rate. The company is current on two other loans that have about $200,000 outstanding combined, according to a city staff memo.

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City Council members voted as the Jobs Development Authority to approve the loan request Monday. Doug Christenson and Terry Bjerke dissented.

Bruce Kopp, Ideal Aerosmith's vice president and chief financial officer, said the company was happy with the vote.

"It will help us finish what we're doing and bring some more jobs to the Grand Forks facility," he added.

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