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Murray County approves $300,000 EDA loan to WonderWorld contingent on full project funding
Summary
The board approved a $300,000 EDA loan to WonderWorld for new building construction; terms are 25 years at 4% with a three‑year deferment of principal and interest, contingent on the project being fully funded and with Murray County named first mortgage holder.
The Murray County Board on Jan. 20 approved a $300,000 loan from the county EDA Revolving Loan Fund to WonderWorld to support construction of a new building, contingent on the project being fully financed.
Commissioner Mark Carlson described the county's prior $200,000 in forgivable EDA loans to WonderWorld and said placing Murray County as first lien holder on the new project would effectively secure the county's financing position on a roughly $2 million project. Commissioners emphasized they do not want county ownership of the building and urged WonderWorld to secure additional grants and to consider an audit process.
The board approved the loan on a 25‑year term at 4% interest with a three‑year deferment of principal and interest from the date of disbursement. The motion includes the contingency that the loan becomes effective only upon confirmation that the WonderWorld project is fully funded. Commissioners Woelber and Meier noted that other communities should have equivalent opportunity to seek EDA funding.
The motion was amended on the floor to add the contingency language and passed; the board recorded the approval without further conditions beyond funding confirmation and recommended organizational audit processes.
