A potential tenant in the planned Elk Run biobusiness park said it expects to receive $50,000 in low interest loans from the Southern Minnesota Initiative Foundation and the City of Pine Island.
Minneapolis-based Recombinetics Inc., which genetically engineers animals for biomedical and agricultural purposes, said it is continuing to have discussions with Elk Run officials on having a presence at the development in Pine Island. The company said it would use the loan to pay for patent and engineering-related expenses.
CEO Scott Fahrenkrug said he is continuing discussions with Elk Run's developer on potentially building a bio-secure pig facility that may house up to 200 pigs with type 2 diabetes or cardiovascular disease.
Fahrenkrug said he has also been talking with the Mayo Clinic on the possibility of him using a Rochester bio-secure facility for the pigs.
Fahrenkrug said if he ends up choosing a different bio-secure facility not at Elk Run, he will consider having lab or office space there.
The $50,000 in loans is made up of $35,000 from the Southern Minnesota Initiative Foundation, a donor-supported organization that invests in regional economic growth, and $15,000 from the City of Pine Island. The Southern Minnesota Initiative Foundation did not immediately return a call for comment.
"We are very excited to be a part of this partnership with Recombinetics," said Abraham Algadi, Pine Island's city administrator. The city is expected to finalize the loan approval soon, Algadi said.
