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Commissioners approve $40,000 revolving loan for Lindo Enterprises
Summary
Coffey County commissioners authorized the chairman to sign a $40,000 promissory note for Lindo Enterprises from the county revolving loan fund; staff added a legal description and VIN as collateral before the vote. Payments are scheduled at about $424.26 monthly at 5% interest over 10 years.
Coffey County commissioners voted Feb. 27 to authorize the chairman to sign a promissory note granting Lindo Enterprises LLC a $40,000 loan from the county’s economic development revolving fund.
Jenny, a county staff member who presented the request, said the loan would be for $40,000 at 5% annual interest with a 10-year term. She summarized the security for the loan as “second position mortgage property, equipment first priority, and a lien on the operating food truck,” and provided a repayment schedule showing monthly payments of about $424.26 with a first payment proposed for April 10.
Commissioners asked staff to add a legal description for the real-estate collateral and to include the food-truck VIN in the promissory note; staff returned from a brief recess with those details included. After the amendments were made, the board approved the motion to authorize and direct the chairman to sign the promissory note; the clerk recorded the motion as passing 5–0.
The loan will be drawn from the Coffey County economic development revolving fund; staff said principal and interest payments will return to that fund for future revolving loans. County staff indicated a local bank had referred the applicant and would provide additional financing in partnership with the county loan.
Next steps: staff will obtain the borrower’s and bank’s signatures on the original note and complete any recording necessary for the county’s security interests.
