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Boyceville approves continuing Cedar Corporation for RLF file management as program winds down
Summary
The board approved continuing Cedar Corporation to manage Rural Loan Fund file administration after the State directed the return of program funds; Cedar will bill at $115/hour and the village may retain $250 per loan payoff to reimburse administrative expenses.
The Village of Boyceville board voted on Feb. 9 to continue contracting with Cedar Corporation for ongoing file management related to the RLF Housing Program as the State directs program closeout.
According to the clerk’s report, the State has directed that all RLF program funds be returned through the closeout process and the municipality will not retain the administrative fund balance. If Cedar Corporation continues to provide file management and state reporting services, initial costs would be advanced from the village general fund. The village is permitted, per the report, to retain $250 per loan payoff to reimburse those expenses. Cedar’s billing rate for loan administration and state reporting was reported as $115 per hour. The board approved a motion to continue with Cedar Corp; a contract will be issued if the village elects to proceed with formal terms.
The minutes do not specify the anticipated total cost or contract length; the clerk and staff will pursue formal contract terms and bring them forward for review as needed.
