Loading ...Development Corporation Gives Pine City $220,000
The Pine City Economic Development Authority received a $220,000 boost for its revolving loan fund. The Pine City Development Corporation handed the city the check at a ceremony, Tuesday, at city hall. Pine City Mayor Jane Robbins says the financial gift is beneficial for both the city and current and future businesses.
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The Development Corporation is disbanding after 56 years. President Kevin Anderson said the goal of the group was to attract business to the community.
Anderson adds that donating the money gives the EDA a chance to continue the work of the Development Corporation.
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The Development Corporation started in 1953, prior to the creation of the EDA. The group sold stocks to Pine City residents and the money was used primarily to purchase land. The Development Corporation then re-sold the land at reduced prices to bring business to Pine City. Anderson says the group worked with a half-a-dozen businesses including Lee’s Pro Shop and Atscott Manufacturing Company.
Anderson says giving the money to the Pine City EDA is “the perfect opportunity.”
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Over the years, the Development Corporation has sold all of its land. The last sale was to the Kanabec Hospital on the northwest corner of Highway 11 and Highway 61. Anderson said the hospital intends to use the land to develop a clinic in the future.
Mayor Robbins believes while the Development Corporation is no longer, the individuals in the group will continue to play pivotal roles in the development of Pine City.
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