Business News

Recent bank failures around the country are causeing concern about the market as mixed messages of both caution and reassurance come when a recession is no longer a matter of possibility.
Depositors are insured, but financial experts caution that its time to tighten the belt for what may be a long recession cycle.
Area banks and credit union representatives say that most local money is protected.

Falls City Council
International Falls City Council is scheduled to fill a vacant seat on the council when it meets Monday.
The Falls City Council meeting is scheduled to begin at 6:30 p.m. in the council chambers at the Municipal Building.
The council is expected to appoint someone to fill the West Ward council position from people who have submitted letters of interest in the seat. Letters were received from Clarence “Swede” Sundberg, Cynthia Jaksa, and Edward Bernath.

City supports KEDA receiving legal opinion on attorney

Koochiching County’s economic agency is seeking proposals for legal representation while International Falls officials are asking for a legal opinion on an alleged conflict of interest with the agency’s current attorney.

The Northome Industrial Park broke ground as the newest industrial park in Koochiching County in 2000.
It recently upgraded with 10 shovel-ready acres with potential expansion for 40 more. The park is located two miles east of Northome on Minnesota Highway 1. It is zoned for manufacturing, has utilities and is ready for tenants. Twenty acres of the park are designated as JOBZ, making tenents potentially eligible for state benefits.

The Koochiching Economic Development Authority Board is scheduled to hear an update on its foreign trade zone site at its meeting Wednesday.
The meeting is scheduled to begin at 10 a.m. at the KEDA office, 305 Third St.
Dave Serrano, of Arro of the North, is developing a conceptual plan for the FTZ, located east of International Falls. Serrano told the board in June that he has completed a wetland delineation and topographical survey of the FTZ.

The Minnesota Army National Guard Recruiting and Retention Battalion will open an International Falls recruiting office Aug. 1
The office will be located in the former Zone One store at 304 3rd Street.
Spec. Jonathan Brunner, a U.S. Army National Guard recruiter, will get his sergeant stripes at about the time he is ordered to assume recruiting duties in the Falls. He will cover Borderland from the Falls to Warroad and down to the southern border of Koochiching County.

The name has changed and there are a few new faces, but the goal of the business is the same — profitability.
The business that began as Koochiching Fisheries under the direction of Barry Barney is now known as Can Am Freshwater Fisheries and under the guidance of Pete Benson of O’Brien’s Consulting, Slidell, La. Benson is serving as temporary operations manager as a corporate reorganization is finalized.
Barney is no longer involved in the business, however investors that he had secured remain involved, explained Kelly DeNucci, office manager.

A developer’s agreement and land deed for the Koochiching Freshwater Fisheries have been canceled by the Koochiching Economic Development Authority.
The board approved the cancellation during an emergency board meeting Tuesday afternoon. Board member Wade Pavleck abstained from the vote. Pavleck said he could not vote as a result of attorney Joe Boyle continuing to represent the KEDA, which Pavleck said was a conflict of interest.

Boise Inc. is being considered for a biotechnology project that would convert cellulosic sludge into partially refined ethanol. Research partners say the project would help Minnesota lead the way into the next generation of non-food source biofuels.

Marina operators say escalating fuel prices have impacted the 2008 boating season in a big way, and Minnesotans who love boating are trying to ease the pain by revving their outboards less, anchoring more, and downsizing to smaller engines.
A year ago, gas sold at about $3.70 a gallon at riverfront pumps in Lake City, near Lake Pepin. Now, it’s 80 cents to a dollar more. Gas is higher at some waterside pumps — reaching $5 a gallon.