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Locals angry about investment in failed project

February 26, 2014
Associated Press

WELLS, Minn. (AP) — Government officials and private citizens in a small Faribault County community are frustrated an $8 million investment to redevelop a shuttered food processing plant never produced a single job.

The city of Wells constructed new roads and utilities to accommodate the new development, which promised to bring 200 jobs to the community of 2,500. Entrepreneur Stephen Singleteary, owner of Diversity Food Processing, secured numerous governmental loans to refurbish the factory and briefly opened the plant in 2010. It closed just a few months later and the property went into foreclosure. The city was recently notified that plant has been turned over to Pioneer Bank in Mankato.

Drug store owner Ben Musser tells The Free Press (http://bit.ly/1mHn8RP ) local residents are angry and disappointed that Singleteary failed to follow through on his plan.

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Information from: The Free Press, http://www.mankatofreepress.com

 
 

 

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