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Board approves $80,000 EDA loan for Murray County Cattlemen's Association building
Summary
The board approved an $80,000 loan from the county EDA revolving loan fund to the Murray County Cattlemen's Association for gap financing of a fairgrounds building, at 4% interest over 10 years with a six-month deferral and an estimated annual payment of $9,863.28.
The Murray County Board approved a request from the Murray County Cattlemen's Association for an $80,000 loan from the county's EDA revolving loan fund to assist with gap financing for a building project at the county fairgrounds.
Staff presented proposed terms recommended by the EDA board: a 10-year term at 4% interest with a six-month deferral of principal and interest; the first payment would be due November 2026 if the loan is processed in the next few weeks. Staff provided an estimated annual payment of $9,863.28.
Staff noted the association remains in fundraising and may not use the full loan amount; any unused portion could be returned as a prepayment. Angie Ford (referenced by staff) indicated the association anticipated making a payment right after the fair, should they not use all funds.
A motion to approve the loan from the EDA revolving loan fund was made, seconded and approved by voice vote.
