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JPA approves BoHo Moxie loan increase and revised repayment terms for Hankinson cottages
Summary
The Richland Wilkin JPA approved a 5% loan increase for BoHo Moxie's Hankinson cottage project (raising the loan from $479,680 to $503,664), set interest at 1% through Jan. 1, 2027 then 4%, and established a balloon payment due Jan. 1, 2028; the JPA will be repaid by that date if homes remain unsold.
The Richland Wilkin Joint Powers Authority on May 12 approved amended distribution agreement terms requested by BoHo Moxie for the Hankinson cottage-home project, increasing the loan amount and altering the interest and repayment schedule.
Amy Clark presented the requested revisions: a 5% loan increase from $479,680 to $503,664 to cover anticipated cost increases; interest at 1% through Jan. 1, 2027, increasing to 4% thereafter; and a balloon payment due on Jan. 1, 2028. Clark emphasized that the cottage homes will be offered for sale or rent and that there is no JPA buyout provision on these homes. The board approved the requested updates on a motion by Perry Miller, seconded by Eric Klindt.
The amendment requires follow-up documentation to formalize the amended distribution agreement and to record the new loan terms in the JPA’s files. The board record notes the repayment contingency that the JPA will be repaid by Jan. 1, 2028 if the homes have not sold; the BoHo Moxie project will move forward under the revised terms.
