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Committee approves 90-day extension for Village of De Soto grant; loan program report shows $307,681 fund balance
Summary
The Vernon County Economic Development Committee unanimously approved a 90-day extension for the Village of De Soto’s 2023 Community Development grant tied to a county FEMA generator application and heard a loan-program report showing a $307,681.21 fund balance and $636,839.39 in outstanding loans.
The Vernon County Economic Development Committee voted unanimously to approve a 90-day extension for the Village of De Soto’s 2023 Community Development Grant project after staff explained the village is included in Vernon County’s FEMA application to install generators.
Larkin Breckel told the committee that if Vernon County does not secure the FEMA grant, De Soto will need the grant funds awarded in June 2023 to proceed with its generator project. Patrick Sullivan moved to approve the 90-day extension; Karen Dahl seconded and the motion passed unanimously.
Jon Bingol of the Mississippi River Regional Planning Commission provided the committee’s loan report. He said the loan fund balance was $307,681.21 and total outstanding loans amounted to $636,839.39. Bingol reported Zzip Stop paid off both of its loans in November; Brogens/Old Towne Inn missed its November payment and remains in discussion with program administrators. Staff said one new applicant had expressed interest in applying.
The committee discussed the annual loan program analysis and updates to the loan manual; staff reported the revised loan manual has been posted to the county website.
