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Clarkfield EDA reports full apartment occupancy, outlines loan issues for local businesses
Summary
At the Jan. 26 meeting the EDA reported apartment occupancy of 16 of 16 units, detailed revolving-loan balances for Bailey's Custom Cap, Oasis Mexican Restaurant and Childcare by Sydney, and listed an EDA checking balance of $112,882.69.
The Clarkfield Economic Development Authority reported that its apartment complex is fully occupied and reviewed several troubled loans during its Jan. 26 meeting.
The director reported occupancy at 16 of 16 units, with 14 tenants paying on time and two on payment plans; one tenant told staff they plan to move by the end of February. The director also presented fund balances and loan-by-loan details for the EDA’s revolving loan and apartment funds.
Details presented included a Bailey’s Custom Cap loan with an outstanding balance of about $13,372 and a monthly payment of $100; an Oasis Mexican Restaurant loan with a balance of $16,638.27 and a monthly payment of $512.33, for which staff reported the business has not been answering calls and that a letter will be sent; and a Childcare by Sydney account with payments of $200 monthly through November 2026 and a loan balance of $11,700. The director listed the EDA checking account balance as $112,882.69 as of Jan. 23, 2026.
Board members noted they are working with borrowers on solutions for building-related concerns tied to some loans, and that staff follow-up is ongoing. No formal enforcement actions or new loan approvals were recorded at the meeting.
The EDA’s financial overview frames the board’s capacity to support future housing or development projects, including its continued search for land to expand apartment capacity.
