Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Agriculture Economic Development topic
No spam. Unsubscribe anytime.
York County IDA to serve as conduit for Next Generation Farmer loans for two local dairy operations
Summary
The York County Industrial Development Authority will act as conduit issuer for bank loans under the federally authorized Next Generation Farmer program for two local dairy farms; the loans are nonrecourse and do not increase county indebtedness.
The York County Industrial Development Authority will serve as the conduit issuer for two Next Generation Farmer loans, the county’s economic development representative told commissioners during the May 7 meeting.
Kenneth Hansen of the York County Economic Alliance, appearing on behalf of the Industrial Development Authority, described the program as a “federally authorized program where the IDA serves as a conduit or issuer for bank debt that has a lower interest rate because the farmer qualifies as a first time farmer.” He said the loans are issued by banks and routed through the IDA but that “the loan is from the bank” and “they are totally nonrecourse.”
Hansen identified the two applicants as operating dairy farms that supplement income with tobacco, alfalfa and corn crops. He said the IDA’s role is administrative and does not increase the county’s or the IDA’s indebtedness.
The two loan approvals were included in the board’s omnibus motion to adopt agenda items 1 through 21, which passed as presented. The record shows the board adopted those items during the meeting; the meeting minutes reflect the omnibus adoption rather than separate roll-call votes on each IDA loan.
No county funds were authorized at the meeting for these loans; the IDA acts as issuer and the borrower retains all loan responsibility.
