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Cottonwood County approves $50,000 Blandin Seed Fund loan to BARC for gym roof repairs
Summary
The Cottonwood County Board of Commissioners approved a $50,000 Blandin Seed Capital Fund loan to the BARC Building to help cover an estimated $130,000 repair to a leaking gym/auditorium roof; the loan carries 4.75% interest and a balloon payment due in three years.
The Cottonwood County Board of Commissioners on April 21 approved a $50,000 loan from the Blandin Seed Capital Fund to the BARC Building to repair a leaking gym/auditorium roof estimated at $130,000. Tom White and Mike Foley, representing the BARC Board, told commissioners the roof is leaking and the full repair is estimated to cost about $130,000.
The board approved the loan on a unanimous vote, authorizing a $50,000 Blandin Seed Fund loan at an interest rate of 4.75% with repayment due in a balloon payment within three years. Commissioner Wayne Maras moved the loan approval and Commissioner Larry Anderson seconded the motion. The Board Chair was authorized to sign the loan documents, and the board asked the County Attorney to draft the necessary loan paperwork.
The loan is intended to cover a portion of the estimated $130,000 roof repair; the board did not specify additional funding sources or whether the BARC Building would seek further grants or loans to meet the full estimate. County staff and the BARC representatives are expected to finalize the loan agreement once the County Attorney prepares the documents.
Next steps: the County Attorney will prepare the loan paperwork and the Chair will sign the agreement on behalf of the county once documents are complete.
