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Board forgives $135.89 interest balance on KEDA loan
Summary
The county forgave a small accrued interest balance on a cold‑weather testing loan to the Koochiching Economic Development Authority after staff noted the final payment made in October 2024 did not include the $135.89 interest amount.
County staff reported that KEDA (Koochiching Economic Development Authority) made its last principal payment on a cold‑weather testing loan in October 2024 but that the payment did not include $135.89 in accrued interest. Administration staff interpreted the original loan agreement to require interest accrual through the life of the loan but recommended forgiving that small remaining interest to simplify cash flow for KEDA.
Commissioners approved the staff recommendation and moved to forgive the $135.89 interest balance, leaving the loan closed without further payment from KEDA.
