Coffee County Approves $269K Economic Development Loan for Machinery at 402 Main Street

In a recent meeting held on August 5, 2025, Coffey County officials discussed significant economic development initiatives aimed at enhancing local business growth and addressing housing shortages. The meeting highlighted a proposed loan agreement to finance the purchase of a building and equipment, as well as the introduction of new incentive programs to attract and support businesses in the region.

The county plans to lend $269,090 at a 4% interest rate to facilitate the acquisition of a building located at 402 Main Street in Ridley, Kansas. This financial support is expected to bolster local economic activity, with a six-month interest-only payment period commencing in September, followed by full payments starting in February 2026. The funds will be sourced from the county's economic development fund.

Additionally, Jenny Tash, a new county employee, presented information on Industrial Revenue Bonds (IRBs) as a potential tool for economic growth. IRBs would allow the county to issue bonds on behalf of private companies, providing them with sales tax exemptions on construction materials and potential property tax abatements for up to ten years. This initiative aims to encourage both new and existing businesses to undertake significant capital projects without imposing financial risks on taxpayers.

The discussion also touched on the Rural Housing Incentive District (RHID) program, which could help address the county's housing shortage. By designating specific areas for development, the county could use new property tax revenues generated in those districts to reimburse developers for infrastructure costs, such as roads and utilities. This approach aims to stimulate housing development in areas with demonstrated demand.

The meeting underscored the county's commitment to fostering a supportive environment for businesses and addressing pressing community needs, such as housing. As officials continue to explore these initiatives, they aim to create a structured framework that will facilitate the implementation of these programs and attract further investment in Coffey County. The next steps will involve gathering more information and engaging with potential developers to assess interest in these economic incentives.