The U.S. Nuclear Regulatory Commission on Monday granted Xcel Energy Inc. a license to operate the Monticello nuclear power plant at a higher power output. The approval had been expected after the Minneapolis-based utility completed $665 million in upgrades to the reactor in June. The power will be gradually raised, but the full increase, of about 12 percent or 71 megawatts, will happen only after the NRC approves an analysis of core flow capability, which is not expected until next year.
The Minnesota Equity Fund, St. Paul, and UnitedHealth Group Inc., Minnetonka, are investing $9.8 million in equity to help develop and construct the Duluth Hillside Apartments, a 44-unit affordable-housing community in Duluth.
The law firm of Robins, Kaplan, Miller & Ciresi, Minneapolis, along with two of its partners, have donated $1.125 million to William Mitchell College of Law, St. Paul. The gifts establish two endowed faculty positions and expand Mitchell’s scholarships for women.
U.S. Bancorp, Minneapolis, has entered into an agreement with the Federal Home Loan Mortgage Corp. (Freddie Mac) that resolves substantially all repurchase obligations related to representations and warranties made on loans sold to Freddie Mac between 2000 and 2008. After adjusting for credits, U.S. Bancorp will make a one-time $53 million cash payment to Freddie Mac.
DEBT AND EQUITIES
St. Jude Medical Inc., Little Canada, declared a fourth-quarter dividend of 25 cents per common share, payable Jan. 31 to shareholders of record on Dec. 31. The company also said that its board of directors had authorized a share repurchase of up to $700 million of its common stock.
Patterson Companies Inc., Mendota Heights, declared a quarterly cash dividend of 16 cents per share, payable Jan. 24 to shareholders of record on Jan. 10.
Pentair Ltd., Golden Valley, said that its board of directors has authorized the company to repurchase up to $1 billion of its common stock.