By Sara QuamThe city of Luverne may help a new business venture that hopes to turn corn stover into fuel. Loren and Russell Forrest requested a letter of support from the city in order to get other grant applications. The letter will say that, with the proper guarantees, the city is willing to loan up to $300,000 to the Forrests for the business. The grant could be in the form of land to build the business on if the venture works out.Loren Forrest has spent three years studying the process, down to complicated chemistry and how a plant would be physically set up.The business is a finalist for a grant of $1.3 million from the United States Department of Agriculture, and this letter from the city will help that process along.Blue Mound Soy bust A $40,000 loan to Blue Mound Soy from the city of Luverne may never be paid, even though the business never materialized. The Luverne Economic Development Authority said Tuesday it would request in writing a response from the local co-op, which is a part of Corn-er Stone Cooperative. David Kolsrud represented Corn-er Stone at previous meetings.The co-op got a loan to research the feasibility of a cold-process soybean plant. At the time, the city didn’t get personal guarantees or collateral to back up the loan. The loan has been extended annually since first being issued in 2000, and the city has had little recourse.
