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York County Industrial Development Authority presents three NextGen farm loan requests; loans described as nonrecourse to county
Summary
Kennetha Hansen of the York County Economic Alliance told commissioners three applicants are seeking Next Generation Farmer loans through banks, and that the loans would be nonrecourse to the county or IDA; federal tax rules require approval by the highest elected official for the issuing entity.
Kennetha Hansen, speaking in her capacity with the York County Industrial Development Authority, presented three requests for Next Generation Farmer loans at the Oct. 15 York County Board of Commissioners meeting.
Hansen said the applicants are first-time farmers seeking to purchase farms in municipalities across York County and that the loans would be originated by banks under the federal NextGen program. She described the program as “federally authorized, but accessed locally, as well as at the state level,” and said federal tax rules require approval by the highest elected official of the issuing entity — in this case, the Industrial Development Authority.
Hansen told the board that the loans are private debt and that, in these cases, the borrowing would be at lower interest rates available to federally defined first-time farmers. She emphasized that the loans are nonrecourse to the county and to the IDA, meaning the county would not be directly or indirectly obligated for repayment if a borrower defaults.
Hansen offered to answer questions; commissioners did not record extended discussion on the three applications in the public portion of the meeting. Earlier in the meeting the board approved items 1 through 29 on the agenda as presented; the adoption motion therefore covered the agenda bundle that included items 8, 9 and 10, which Hansen identified as the three NextGen loan requests.
No separate roll-call vote specific to the three NextGen applications was recorded in the public transcript beyond the board’s omnibus approval of the agenda items that morning.
