FAIRMONT– On Monday The Fairmont Economic Development Authority (FEDA) spoke briefly about some expressed interest in portions of or the entirety of Five Lakes Centre.

As the board looked over Economic Development Coordinator Ned Koppen’s monthly report, which he said is purposefully vague for confidentiality reasons, some members asked about interest in the mall, which has been on public auctions and real estate listings for several years now.

“I’ve been in touch with a couple of different developers and it kind of ebbs and flows,” Koppen said. “I felt like we had really good traction with a developer out of Illinois.”

He said there is also a southern Minnesota developer that has expressed interest in the mall, but that progress has also wavered.

“It never happens tomorrow like you want it to,” Koppen explained.

In wrapping up the brief conversation, he said one of the developers is interested specially in the former JC Penney space and the other is interested in the whole mall.

Moving to other matters, the board approved giving funds to support the 17th annual Area Career Exploration (ACE). ACE is intended to show area sophomore students the career opportunities available locally.

Fairmont Area Chamber of Commerce President, Kandi Menne, was present to tell the board a little bit more about the event.

“Twelve various schools come and… a couple of years ago, after Covid, we implemented a career refresher and job fair for the juniors and seniors in Fairmont. We ask the businesses who participate in ACE to stay for that,” Menne said.

She said traditionally FEDA has given $1,500, the majority of which has funded a book given to the students. While a physical book is no longer printed and the information is available via a QR code, Menne said there are still some printing costs.

“We really hope to give our youth in the area an experience that they can stay right here in Martin County. They can choose to go off to school or move away for a career, but come back for the quality of life,” Menne said.

In other business, the board approved a $5,000 Facade Loan for RTA Properties and a $65,000 Revolving Loan Fund for Recovery in Motion.

“It’s a good thing for Fairmont; it’s a new business,” Koppen said of the latter.

Of the Revolving Loan Fund, Koppen said it’s the most robust program that FEDA has and that there is about $1.1 million in play currently.

“We lend it out at an attractive interest rate. We can lend lower than our local banks typically do, though we try to never compete with them and require that they have a principal relationship with one of our local banks and then we’re more of a gap finance,” Koppen explained.

He added that $75,000 is the max that FEDA will loan without a special consideration.

In other action, the board:

— Elected Brian Roggow as chair, Aaron Speltz as vice chair and Sarah Gerhard as secretary.

— Welcomed Councilor At-Large, Britney Kawecki, as a new FEDA board member.

— Approved a $1,5000 sponsorship to Greater MN Partnership.

— Talked about 2025 strategic planning but in the absence of two board members, will discuss again at the Feb. 10 meeting.

— Heard that planning for a My Town video, done in conjunction with Visit Fairmont and the Fairmont Area School District, is still ongoing.