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County approves $70,000 loan recommendation for Quincy MFG and authorizes CDBG application
Summary
The board approved a $70,000 Revolving Loan Fund recommendation to Quincy MFG, LLC and authorized a $70,000 CDBG application to the MEDC; KEDA said the loan would be five years at 8¼% interest and expected to create three new jobs.
The Houghton County Board of Commissioners on June 13 approved a $70,000 loan recommendation for Quincy MFG, LLC (formerly Quincy Woodwrights) from the county’s Revolving Loan Fund and authorized submittal of a Community Development Block Grant (CDBG) application to the Michigan Economic Development Corporation to support that loan.
Jeff Ratcliffe of the Keweenaw Economic Development Alliance (KEDA) told the board the requested $70,000 loan would be for five years at about 8¼% interest and is expected to create three new jobs. Ratcliffe said the Revolving Loan Fund Committee reviewed the application, recommended approval and reported that existing loans are current.
The board approved the HCRLF Committee recommendation by motion; the minutes record the motion passing unanimously. The board then passed Resolution #23‑13 to authorize submission of a CDBG application for the Quincy MFG project and designated Treasurer Lisa Mattila as certifying officer for the environmental review and loan documents.
County minutes note an inconsistent numeric transcription later in the packet regarding the loan’s interest rate; the public hearing record (KEDA presentation) identifies the term as five years at 8¼% interest. The board approved both the loan recommendation and the CDBG application without recorded opposing votes.
Next steps include completing the MEDC environmental review before any costs are incurred; the resolution says no project costs will be incurred prior to a formal loan award and completion of required environmental procedures.
