HomeMy WebLinkAboutAd Hoc Business Park Planning Committee - Minutes - 6/15/2016Minutes of the
Bayfield County Ad Hoc Business Park Planning Committee Meeting
9:00Am, June 15, 2016
Via Telephone
Members Participating: Brett Rondeau, Scottie Sandstrom, Mike Bebeau, Mark Abeles-
Allison Bayfield County.
Others Attending: Patrick Beilfuss-Cedar Corporation, Brian Deanor-USDA Rural
Development,
Sandstrom called the meeting to order, 9:00am and introduced the Rural Development
Representative:
Rural Development provided an overview of their programs. Highlights of the discussion:
• 70% of Rural Development funds are loans, 30% are grants.
• 2.75% interest rate. Up to 40 year term. Water/wasterwater / 3 tier rate, 1.625% -
2.25%;
• Open application timelines.
• Rural Business (RDBG) deadline historically has been in March, depends on
appropriation bill.
• Less than 50 employees, under $1 million. Small and emerging businesses.
• Term: Useful life, 20-40. Also based on how borrowing funds. General Obligation
Bond / Max 20 year term. If water and sewer / can go up to 40 year term.
$474,000 statewide, small existing business, $100,000; Median household income for Town of
Eileen, $56,000 vs. State average of $56k. Demographics do play a part in funding awards.
How much of a gap there is between the state average median income and the applicant’s
average median income. Bayfield County median income is $43,000. City of Ashland median
income is $35,397.
Minimum loan: $250,000.
Meeting adjourned at 9:55AM.