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Houghton County authorizes CDBG loan application for Peak Metal Roofing Products
Summary
After a public hearing, the board authorized submission of a $45,000 Community Development Block Grant loan application to support Peak Metal Roofing Products, LLC; the resolution also authorized the county treasurer to sign application documents and requires a formal award before costs are incurred.
Houghton — The Houghton County Board of Commissioners on Feb. 13 authorized submission of a Community Development Block Grant Loan Program application to the Michigan Economic Development Corporation seeking $45,000 in financing for Peak Metal Roofing Products, LLC.
Jeff Ratcliffe, director of the Keweenaw Economic Development Alliance (KEDA), told the board the requested loan from the county’s revolving loan fund would be for $45,000 at 7% interest for 10 years with a five-year balloon payment. The board voted unanimously to adopt the authorizing resolution and to allow County Treasurer Lisa Mattila to sign the application and serve as certifying official for the required environmental review.
The resolution adopted by the board affirms that the proposed project is consistent with the county’s community development plan and states that at least 51% of the project’s beneficiaries would be low- and moderate-income persons, as required by the CDBG program. The resolution also notes that no project costs will be incurred until a formal loan award and completion of environmental review procedures.
The vote followed a short public hearing on the CDBG Loan Program; Commissioners Gretchen Janssen and Roy Britz moved and seconded the motion to open the hearing and later to close it. The authorization to submit the application does not itself constitute a loan award — any loan would require a separate, formal award and documentation from the MEDC.
Next steps: the county will submit the application to the MEDC and complete the environmental review process before any project expenses occur.
