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Goodhue County EDA moves to write off $551,325.82 loan from Orinoco Auto Salvage
Summary
Finance Director recommended writing off the remaining Minnesota Investment Fund receivable from Orinoco Auto Salvage after MPCA-ordered remediation and court restrictions made additional collections unlikely; the board approved the write-off by voice vote.
The Goodhue County Economic Development Authority voted to write off the remaining balance of a Minnesota Investment Fund loan issued to Orinoco Auto Salvage, after an update from Finance Director Lucas Dailing.
Dailing told the board the county began administering a Minnesota Investment Fund loan program following a 2010 county resolution to participate in a DEED program that used state flood-assistance grant funding. He said the loans issued between 2011 and 2013 totaled $1,105,632.54 and…
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