IDA deals with loan request, other business

Posted March 17, 2020 at 2:15 pm

The Clinton County Industrial Development Authority held its regular meeting Thursday morning, March 12, with four of seven members present. Clinton County Judge/Executive Ricky Craig was also in attendance.

In the absence of Chairman Jarred Witham, Randy Jones was appointed to chair the approximate 50-minute session.

After approving minutes of previous meetings, the Authority members reviewed current loans, with only a couple being behind on payments.

Jones recommended that the IDA, after certain periods, begin sending statements to those in arrears with late payments, as reminders.

IDA Administrator April Speck also gave an update on the USDA RBDG (Rural Building Development) grant of $100,000 the Industrial Authority is applying for. She noted there was one code left to be cleared with the application deadline nearing.

Speck noted there was no time line at this point as to when any word on approval of the grant may be forthcoming.

Board member Shane Smith also recommended the IDA come up with some set of guidelines for potential borrowers to follow when filing a loan application, saying the Industrial Authority shouldn’t be competing with local banks.

Under current USDA guidelines, loans made by the IDA to perspective businesses or industrial clients has to guarantee they provide at least one new job per $25,000 borrowed.

Speck said she would work with Kentucky Highlands and begin forming a set of guidelines that details who is eligible for an IDA loan and the criteria they have to meet to be approved.

Judge Craig also said he had been in contact with a business that may be interested in locating in the Albany area, but could give no further details at this time.

He also noted the dire need for water and sewer on the 127 Bypass, as well as the ongoing move in the current legislature to have a portion of the bypass named in honor of the late Medal of Honor recipient Garlin Murl Conner, as well as securing signs for that project.

The next regular meeting of the Clinton County IDA is scheduled for May 14 at 11 a.m. at the Welcome Center.