200 North funding switched from bond to Major Moves
Tuesday May 13, 2014 4:12pm
By: Tim Murray
LAGRANGE - A loan from Major Moves will fund the reconstruction of County Road 200 North in LaGrange County rather than a bond.
County Surveyor Rex Pranger suggested the idea to Monday’s joint meeting of the County Council and Commissioners.
"Here you'd just be paying the Major Moves fund back. So the Major Moves fund would act as the bank, I guess you would say. The same thing you did with the MEC. Dollars and cents wise this will probably save a couple hundred-thousand dollars over the course of this thing. We used a 1 percent figure with the MEC and that's what I used was a 1 percent interest figure. That would actually make Major Moves better money than what we're getting today," Pranger said.
Much of the discussion concerned whether or not county officials would be disciplined enough to make the payments back to Major Moves from economic development income taxes in the future.
The joint boards unanimously approved the loan with a ten year term.
The council would allocate about $285-thousand a year from EDIT taxes to pay back the loan to Major Moves.