Feb 26, 2014 at 1:03 pm
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 says local residents are angry and disappointed that Singleteary failed to follow through on his plan.
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