(KLZA)--The City of Auburn’s Community Redevelopment Authority has announced that FAST Global Solutions has repaid a loan received as part of an economic redevelopment project.
In 2018, the CRA entered into an agreement with FAST Global Solutions to provide a loan of $500,000 to support the purchase and continued operation of the former Ariens manufacturing facility in Auburn.
The acquisition of the facility by FAST and expansion of its Nebraska operations to Auburn preserved jobs for the local workforce. The continued operation of the facility avoided many of the negative economic impacts that were feared following the announcement of the closure of the former manufacturer with 193 employees.
See the release from Auburn City Administrator/Economic Developer, Crystal Dunekacke below.
FAST Global Solutions has repaid a loan received as part of an economic redevelopment project. In 2018, the CRA entered into an agreement with FAST Global Solutions to provide a loan of $500,000 to support the purchase and continued operation of the former Ariens manufacturing facility in Auburn.
The acquisition of the facility by FAST and expansion of its Nebraska operations to Auburn preserved jobs for the local workforce. The continued operation of the facility avoided many of the negative economic impacts that were feared following the announcement of the closure of the former manufacturer with 193 employees. Nebraska then-Governor Pete Ricketts toured the facility just months into its redevelopment, with FAST officials thanking the City of Auburn for their support.
As part of the terms of the agreement, portions of the loan were forgiven as FAST met certain benchmarks through 2025. FAST repaid a portion of the proceeds to the CRA in the amount of $480,776.21. Because those funds were derived from a previous TIF redevelopment district that has since expired, the CRA has repaid those funds in total to the Nemaha County Treasurer for distribution pursuant to Nebraska law.
“The funds were used to prevent the loss of jobs and ensure continued production of a manufacturing facility in Auburn,” CRA Board Member Joe Casey stated. "The CRA is proud to have provided financial support in a time of need that can now be returned to Nemaha County."
