At Monday’s meeting, the Wright County Board of Supervisors extended the maturity date for two urban renewal loan agreements. One loan is through First State Bank for $1.6 million with a 3.9% interest rate. This loan was for the purchase of land at the Agri-business park. The other is through Green Belt Bank for $2.7 million with a 2.75% interest rate for the construction of infrastructure and the water supply at the park.
These loans are considered as interim financing with the hope of obtaining a grant through the USDA’s Rural Economic Development Loan and Grant program. The program provides funding for rural projects through local utility organizations. USDA provides zero-interest loans to local utilities which they, in turn, pass through to local businesses. Auditor Betty Ellis noted that the county had not been awarded the grant during the last few quarters’ granting periods, but they have been advised to keep their application in as it is considered a good contender for the program. The maturity dates for both loans were extended until July of 2021.
Though there was a planned agenda item to hear an update from the Emergency Operations Center on COVID-19 in the county, Sandy McGrath, Wright County Epidemiology, was unable to be present at the meeting. She was at Prestage Foods where the county and Iowa Specialty Hospital are still conducting antibody testing for COVID-19.
The board approved a promissory note between Wright County Economic Development and Eagle Grove Community Development Corporation for $25,000 to be used for microloans. This is the same arrangement that was entered into at last week’s meeting with BIDCO. Clarion’s economic development branch will also soon be receiving funds for the same such loans. It was noted that Eagle Grove will also serve Goldfield if businesses there should apply.
Wright County Engineer Adam Clemons reported that they are working on pumping the ponded area near Page Avenue on the southeast side of Lake Cornelia. The tile has been located and they are planning on using video equipment to locate any obstructions in it.
