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Board discusses creating EDA community fund or revolving loan fund to help towns finance projects
Summary
County staff and commissioners discussed establishing a pooled EDA fund or revolving loan fund (RLF) to offer gap financing or forgivable loans to local governments and projects such as Akeley’s restroom/trailhead project; no final action taken.
Hubbard County commissioners discussed creating a pooled Economic Development Authority fund or a revolving loan fund (RLF) to help small cities and townships apply for matching funds or gap financing for local projects.
Mary (staff member) raised Akeley’s restroom and trailhead project as an immediate example: the town secured a $100,000 Blandin Foundation grant and has raised local funds for parking and some utilities but remains short of the total construction cost. Staff recommended the county consider a mechanism — either a pooled grant fund or an RLF with forgivable or low‑interest loans — that local governments could apply to for matching or gap financing.
Discussion points included: who should be eligible to apply (other local governments vs. businesses), whether the county should set a maximum per‑project amount so one applicant cannot exhaust the pool, and whether the county would require local “skin in the game” and performance standards tied to forgiveness. Commissioners also raised concerns about equity and whether all county taxpayers should fund projects that primarily benefit a single town. Several board members favored an RLF structure because it can allow forgivable or low‑interest loan terms and potentially attract federal seed funding while still requiring local contribution.
No formal motion was made; staff and at least one commissioner agreed to research existing models and potential program criteria. Mary and Jeff (board member) said they will look at comparable programs and return with options for program design and a draft application/criteria for future board consideration.
Ending: Commissioners directed staff to bring back options, including an RLF model with maximum loan amounts, forgiveness criteria and a structure to ensure county taxpayer protection.
