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Benton County EDA approves $140,000 microloan for Foley clinic, names Popp chair
Summary
The Benton County Economic Development Authority on Feb. 4 approved a $140,000 county microloan to Odam Medical Group, PLLC for a new Foley clinic and voted to mirror county leadership, making Ed Popp Chair and Steve Heinen Vice‑Chair; the loan was recommended by the BEP Loan Committee.
The Benton County Economic Development Authority voted Feb. 4 to approve a $140,000 county microloan to Odam Medical Group, PLLC to support construction of a new clinic at 700 Penn Street in Foley, Minn., and to designate Ed Popp as chair and Steve Heinen as vice‑chair.
Amanda Othoudt, Executive Director of the Benton Economic Partnership, presented the loan request on behalf of Odam Medical Group, which the minutes identify as 100% owned by Dr. Robert Odam. Othoudt said the proposed single‑story clinic would be about 6,000 square feet. The total project cost is listed as $3,396,000; financing described in the record included $1,698,000 from Frandsen Bank and Trust, owner equity of $191,600, an MBFC loan of $1,358,400 and the requested $140,000 county microloan, which Othoudt noted represents roughly 4.4% of the project cost.
According to the meeting minutes, the BEP Loan Committee reviewed and vetted the application on Jan. 10, 2025 and recommended approval. The loan terms approved by the EDA were a 20‑year amortization with a 10‑year balloon payment and a 5.5% interest rate; the county would take a third collateral position on the real estate mortgage and require personal guarantees and life‑insurance coverage on the principals as a condition of the loan.
The loan motion was made by Jared Gapinski and seconded by Scott Johnson; the minutes record that the resolution approving the microloan and authorizing execution of loan documents by the County Administrator and Board Chair carried unanimously. The record lists an expected creation of at least seven full‑time‑equivalent jobs over two years, averaging $25 per hour.
The EDA also took routine organizational actions at the meeting. The board voted to have the EDA Chair and Vice‑Chair mirror the County Board, making Ed Popp Chair and Steve Heinen Vice‑Chair; the agenda and the minutes of June 18, 2024 were each approved by unanimous vote. Vice‑President Steve Heinen adjourned the meeting at 9:29 AM.
Next procedural steps recorded in the minutes are execution of loan documents by the County Administrator and Board Chair; the record does not specify a loan closing date or any further implementation timeline.
