FAIRMONT–The Fairmont Economic Development Authority (FEDA) on Monday accepted a proposal for purchase of the incubator building, located at 426 Winnebago Ave., from Kingdom Builders Masonry.

FEDA had been discussing the future of the incubator building for the past few months and put a Request for Proposal (RFP) out in January. On Monday Economic Development Coordinator, Ned Koppen, shared that he and board members Aaron Speltz and Brian Roggow had formed a sub-committee to review the proposals.

Roggow detailed the committee’s process on Monday. He said that FEDA received three proposals to purchase the incubator building.

“Ned had three very detailed packets outlining the three offers. It included what they intended to do, their backgrounds and other future considerations they had for the future of the property,” Roggow said.

He said they independently ranked their thoughts and collected more information and after further discussion, they came to the same consensus that Kingdom Builders was the best option.

“It was not based solely on price. There were other factors we considered,” Roggow said.

Speltz added that Kingdom Builders will work with some current tenants in the incubator building to give them the opportunity to find a new space.

Council liaison Jay Maynard asked how many employees Kingdom Builders has. Koppen said the proposal listed about 15 high-paying construction trades jobs with the possibility of growing.

“I’m asking you to approve pursuing the proposal and the next step will be to come back next month with a development agreement… and based on that agreement, we would move forward with the sale,” Koppen said.

The board approved of the proposal.

The board also considered a purchase option extension for the Meschke Property on Hwy 39. FEDA currently holds a purchase option on the land it intends to purchase from David Meschke with plans to develop it into an industrial park.

The option is set to expire on March 31 and Meschke had asked the board to extend the option to Sept. 30. Koppen said he’s been working with a lawyer representing Meschke for several months and recently heard that the property has been transferred to an LLC.

“It leaves the extension as it was but defines who the parties are most accurately. With that one change, I would ask you to approve my signing off on it. It extends this for six months, leaving us the ability to purchase this anytime we want to or need to beforehand, as well,” Koppen said.

The board approved of the extension.

Moving to other matters, in Koppen’s staff report he shared that there are six businesses interested in FEDA’s new facade loan program. The loan will cover up to $5,000 of 50 percent of the project. Recipients will pay the interest only on the loan, which will have a five year term. If the business proves successful, each year FEDA will forgive 20 percent of the principal, with 100 percent of the loan forgiven after five years.

In other news, the board:

–Approved a temporary suspension of FEDA loan payments for Shenanigan’s Cheer & Chow.