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Richland Wilkin JPA approves $100,000 forgivable loan for Wyndmere Senior Citizens Club
Summary
The Richland Wilkin Joint Powers Authority approved a $100,000 forgivable loan to the Wyndmere Senior Citizens Club to help complete a new senior center. The loan will be forgiven after 10 years if the club retains ownership; the old building will transfer to the JPA and title work must be completed.
The Richland Wilkin Joint Powers Authority approved a $100,000 forgivable loan to the Wyndmere Senior Citizens Club to help complete construction of a new senior citizens center.
Nathan Berseth told the board the club already has $130,000 committed for construction and is working with Bob Wurl of Lincoln State Bank to secure a loan for the remaining cost; the JPA funds will service the $100,000. Perry Miller moved to approve the request as a forgivable loan, Eric Klindt seconded, and the motion carried by unanimous roll call.
Under the terms the board approved, the loan will be forgiven after 10 years so long as the Wyndmere Senior Citizens Club retains ownership of the completed building. The old facility must be transferred to the JPA upon completion of the new building, and title work must be completed before funds are disbursed.
The decision follows the board’s review of the club’s financing plan and a bank representative’s involvement; the board did not attach additional contingencies beyond title work and the ownership condition. The board’s approval was recorded as a unanimous roll call vote.
