Archive for February, 2009

Otter Tail Ag Enterprises defaults on $31 million dollar loan

Posted by Fergus Forum On February - 19 - 2009

Otter Tail Ag Enterprises, the 1-year-old ethanol plant on the northwest side of Fergus Falls, has defaulted on its $31 million dollar master loan agreement with Agstar Financial Services. Otter Tail Ag failed to pay the interest that was due on February 1, 2009 which caused the loan default according to the U.S. Securities and Exchange Commission. Furthermore, Otter Tail Ag Enterprises still owes $19.2 million for construction of its facility, a loan with MMCDC New Markets Fund, and they have also defaulted on its lease with Otter Tail County, totaling $26.1 million, by failing to make lease payments for use of the county’s solid waste facility. Otter Tail Ag Enterprises have been holding investor meetings throughout the week in Alexandria, Fergus Falls and Morris.

Anthony Hicks, Otter Tail Ag Enterprises CEO, said that he expects the ethanol industry will soon recover.

Just recently, VeraSun, the operator of various ethanol plants across the country, announced their bankruptcy. Ethanol plants in Janesville, MN and Hankinson, ND closed because of VeraSun’s bankruptcy.

For more information reguarding Otter Tail Ag Enterprises defaulting on its $31 million dollar loan, please visit the Minneapolis – St. Paul Business Journal by clicking here.

Minnesota awarded $6.3M in grants for homebuyers

Posted by Fergus Forum On February - 18 - 2009

The Federal Home Loan Bank of Des Moines has given Minnesota nonprofit groups $6.3 million dollars in grants to help people buy and repair foreclosed homes. The grants given by the Federal Home Loan Bank will pay for fixing up foreclosed homes as well as help new owners with down payments. The money is also designed to save neighborhood property values. According to Senator Amy Klobuchar, Greater Minnesota will benefit from this and not just the Twin Cities. It is expected that over 450 affordable housing units will be created or rehabilitated throughout the state of Minnesota.

Area television stations pull the plug on analog TV

Posted by Fergus Forum On February - 18 - 2009

Despite the recent delay of the Digital TV switch to June 12th, 2009 that Congress approved, many area television stations stopped broadcasting their analog signal today, including KVLY and KXJB out of Fargo. While Congress approved a delay of the switch until June 12th, the legislation allows individual television stations to decide when they want to do so, and many stations across the nation decided to go ahead with the original date of February 17th. Analog TV owners who wish to continue to take advantage of over-the-air signals must purchase a digital converter box. Converter boxes are available at Wal-Mart, Pamida, Sears, Cullen’s Home Center, Kmart, Target and Radio Shack in Fergus Falls. For additional information about the Digital TV switch, be sure to visit dtv2009.gov.

Plans for converting the current Fergus Falls Wal-Mart into a Super Center are closer to reality. This past week, Wal-Mart revised their plans for the Fergus Falls store which means the project hasn’t been forgotten about. The revised plans call for an additional 53,000 square feet which would make the proposed store a total of 149,000 square feet in size, which makes it 24,000 square feet smaller than what the original plans called for. According to the Fergus Falls Daily Journal, a construction date has not been set, however, bids on the project could begin as early as this spring. When open, the updated Fergus Falls Wal-Mart would include groceries and an updated pharmacy. The re-announcement of the Fergus Falls Wal-Mart project comes just weeks after Wal-Mart officials gave the go-ahead for expansion on their Hermantown, Minnesota location near Duluth.

Coffee Hut opening at new location Monday

Posted by Fergus Forum On February - 9 - 2009

The Coffee Hut will move to its new location on Monday; which will be located in the Pamida parking lot. The Coffee Hut is moving to their new location due the fact that State Bank and Trust will soon start construction on a new branch at The Coffee Hut’s current location. In addition to The Coffee Hut, Java D’s also had to relocate due to a bank opening. Gate City Bank will open this spring at the previous site of Java D’s – which is now located in the Radio Shack parking lot behind Mills Fleet Farm.

Target follows SunMart; recalls many peanut butter products

Posted by Fergus Forum On February - 5 - 2009

Over a dozen products with peanut butter are no longer on the store shelves at area Target stores. On Wednesday, Target made the decision to voluntary recall various candies and bars made with peanut butter due to the recent salmonella outbreak; which is linked to peanut products. According to Target, no illnesses have been reported to be connected with products that are sold at their stores nationwide under the Archer Farms and Market Pantry brand names. Customers who have recently purchased products with peanut butter from Target are advised not to consume them and return them to their nearest Target store for a refund. A list of affected products is available below.

ARCHER FARMS

Banana Peanut Granola Bars
Peanut Butter Monster Bars
Milk Chocolate Monster Bars
Milk Chocolate Dipped Peanut Butter Bars
Milk Chocolate Monster Bites
Peanut Butter Monster Bites
Milk Chocolate Peanut Butter Dipped Bites
Peanut Butter Dipped Peanut Butter Bites
Organic Cranberry Nut Trail Mix Bars
Organic Chocolate Chip Peanut Trail Mix Bars

MARKET PANTRY
Chocolate Peanut Butter Nutrition Bars
Chocolate Caramel Cluster Nutrition Bars

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