Jackson to construct spec buildingJACKSON — The Jackson County Board of Commissioners approved Tuesday a loan of $100,000 from the Jackson County Revolving Loan Fund to the Jackson Economic Development Corporation (JEDC) for the construction of a spec building in Jackson.
JACKSON — The Jackson County Board of Commissioners approved Tuesday a loan of $100,000 from the Jackson County Revolving Loan Fund to the Jackson Economic Development Corporation (JEDC) for the construction of a spec building in Jackson.
“We really appreciate the revolving loan fund’s support of this project and support their consideration of going outside the box with the loan,” said Sue Pirsig, the city of Jackson’s economic development coordinator. “Three individuals or businesses have expressed interest in the building and it’s not even built.”
The spec building will be made for manufacturing, but may be used as a warehouse if no manufacturers opt to rent the building.
Interest rate for the loan will be 0 percent for one year and 4 percent after that.
Collateral will be a shared first position with the city of Jackson on the real estate mortgage and, should the JEDC default on the loan, the county would receive leases and rents from the rental of the TSE building, owned by the JEDC.
The JEDC must also meet the job creation standard in the Revolving Loan Fund guidelines — creation of one job per $5,000 loaned — by three years from the date the loan is closed, although the deadline may be extended.
The loan generated some discussion at the county board meeting because the Revolving Loan Fund Advisory Board recommended its approval despite it being twice the amount recommended in the group’s guidelines.
“Some of those guidelines need to be worked on and updated,” said Commissioner Roger Ringkob.
Money from the Revolving Loan Fund was originally from a state of Minnesota grant offered in the late 1990s.
In other news Tuesday, the board:
- Set a public hearing for a new county parks ordinance for 9:05 a.m. Sept. 28 in the board room at the Jackson County Courthouse.
The draft ordinance can be found at http://www.co.jackson.mn.us in the Parks, Planning & Environmental Services
- Deeded a small forfeited parcel of land to the city of Lakefield for the purpose of expanding its Kids Corner Park. The back taxes owed on the property amounted to $802.12.
- Terminated the lease agreement between Jackson County and Southwest Crisis Center for office space in the Jackson County Resource Center. The space will be needed by the county when county offices are relocated during the demolition of the 1938 portion of the Resource Center and while construction of a new Human Services building takes place.
- Received an update on the activities of the Southwest Initiative Foundation.
- Extended the county’s recycling contract with Waste Management for one year, allowing the county more time to investigate other recycling options.