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Dooly County accepts payoff and releases Crisp Building Systems loan tied to industrial park project
Summary
Crisp Building Systems paid $165,752.20 to resolve its $250,000 revolving-loan account; the county released the company from further obligations and transferred funds to the industrial development authority’s speculative-building account.
Dooly County commissioners approved a settlement to resolve an outstanding loan to Crisp Building Systems, Inc. (CBSI) related to a speculative building project in the Vienna Industrial Park South.
County counsel reported CBSI had an original $250,000 loan from the county revolving-loan fund, with principal outstanding of about $222,252.20 and site-preparation work estimated at about $56,500 in value. After negotiating credits for principal payments and site-work value, the county determined a payoff of $165,752.20 would satisfy the account. The board voted unanimously to release CBSI from obligations on the speculative-building project upon receipt of that payment and recommended the Dooly County Industrial Development Authority do likewise.
Why it matters: the action clears a long-standing loan file tied to local economic-development efforts and returns the settlement funds to the industrial authority’s spec-building account for future development uses.
Implementation: the board directed the administrator to forward the received funds to the Dooly County Industrial Development Authority for deposit in its spec-building account and recorded the vote in the minutes.
