GRAND FORKS, N.D. (AP) -- The Grand Forks City Council has denied a request by a Minnesota software firm to convert its loan to stock.
The Grand Forks Herald reports that Bloomington. Minn.-based Datacom International Inc. owes the city more than $125,000 in an unpaid loan and interest. The company has not made a loan payment to the city since April.
Datacom asked the city to convert its city loans to stocks, which would help it hire as many as 80 new workers in North Dakota and northwest Minnesota.
Council member Doug Christensen says the company's projections are likely too optimistic.
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