Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Loans topic
No spam. Unsubscribe anytime.
Coffey County approves $269,090 revolving loan to Coffee County Concepts LLC for Ridley building and equipment
Summary
The commission approved a $269,090 revolving loan at 4% to Coffee County Concepts LLC to buy a building at 402 Main Street, Ridley, KS and machinery; the loan will come from the county economic development fund and the chairman was authorized to sign the agreement.
Coffey County commissioners on Monday approved a revolving loan agreement of $269,090 at 4% interest to Coffee County Concepts LLC to finance purchase of a building at 402 Main Street, Ridley, Kansas, and to purchase machinery and equipment.
Jenny Tapman, an economic development staff member, said the loan document had been prepared after the company’s earlier presentation and that county staff had reviewed it. Tapman said she had provided the commission with a copy of the signed borrower paperwork and that the loan will be secured with a detailed collateral description and proof of insurance to be gathered after closing.
The loan includes a request from the borrower for six months of interest‑only payments; Tapman said interest‑only payments would begin in September with full amortizing payments scheduled to start in February. Commissioners agreed funds will come from the county economic development fund (fund number 115) and authorized the chairman to sign the agreement.
The motion to approve the revolving loan fund agreement was moved and seconded by commissioners and carried on a recorded vote. Commissioners asked that staff collect serial numbers for equipment purchases and a mortgage and insurance documentation to be filed with the county following closing.
The agreement requires borrower repayment to the county and the county will secure the loan with collateral and proof of insurance; commissioner discussion focused on documentation and the timing of interest‑only payments requested by the borrower.
No county subsidy beyond the tax exemptions or abatements embedded in bond programs was approved; county staff said the arrangement does not place county general‑fund money at risk but will be funded through the county's economic development account.
