Coffey County approves $40,000 revolving loan for Lindo Enterprises food‑truck project

The Coffey County Commission voted unanimously to authorize the chairman to sign a $40,000 promissory note to Lindo Enterprises LLC from the county’s economic development revolving loan fund. The note carries a 5% annual interest rate and a 10‑year term.

Jenny, county staff who brought the updated document to the meeting, explained the loan would be secured by a second‑position mortgage on real property, first‑priority security interest in purchased equipment and a lien on the operating food truck (VIN added to the promissory note). She said the loan’s two funds would be used partly for real estate and partly to purchase kitchen and business equipment; staff provided a repayment schedule showing monthly payments in the $424–$426 range beginning April 10 if processing moved quickly.

Commissioners questioned whether the loan required additional legal descriptions or equipment identifiers; Jenny returned after a short recess with the corrected promissory note that included the legal description and the vehicle VIN. With those items added, a motion to authorize the chairman to sign the promissory note carried 5‑0. Commissioners discussed logistics for obtaining original signatures and county administrative steps to complete execution.

The loan will be funded from the county’s economic development revolving loan fund; loan repayments plus interest are to be returned to the fund for future lending. The agreement also referenced bank participation in the borrower’s financing; staff said a local bank had referred the applicant and was involved in additional financing.

The commission’s action was administrative: staff will arrange signatures and finalize loan paperwork. No further conditions or amendments to the promissory note were recorded at the meeting.