News Column

GRADD loan fund helps communities

June 22, 2014

By Rich Suwanski, Messenger-Inquirer, Owensboro, Ky.



June 22--The Green River Area Development District approved three new low-interest Revolving Loan Fund loans Wednesday for projects in Daviess, Ohio and Henderson counties.

One of the loans was for $200,000 to build a new Thruston-Philpot Fire Department on Jones Road. Another loan was for $92,000 for a new ambulance for Ohio County. The third loan was for $150,000 for the construction of multifamily apartments in Sebree.

The new Thruston-Philpot Fire Department will be more than 9,000 square feet.

"It will be an improved facility," said Joanna Shake, GRADD's associate director for Community & Economic Development. "The current station is 2,400 square feet and has bay space for three vehicles. The new station will have space for its entire fleet of five vehicles.

"It will also have three rooms as safe areas that are reinforced. The current facility doesn't have reinforced areas in case of severe weather."

The new station will also have 20 additional parking spaces, increasing the current 30 spaces to 50.

"They've got their design and they're ready to start the project," Shake said.

The loan from GRADD is capitalized through the EDA loan pool. The loans are designed to help city and county governments with a variety of projects, such as equipment purchases, facility upgrades and water/sewer infrastructure extensions.

The cost of the Thruston-Philpot Fire Department project is $1.4 million, with $750,000 coming from a loan through Independence Bank, and Thruston-Philpot Fire Department putting up more than $540,000.

Ohio County Fiscal Court contributed $38,150 for the new ambulance, which will increase the county's fleet to nine. The project's total cost is $130,150.

Rich Suwanski, 270-691-7315, or rsuwanski@messenger-inquirer.com

___

(c)2014 the Messenger-Inquirer (Owensboro, Ky.)

Visit the Messenger-Inquirer (Owensboro, Ky.) at www.messenger-inquirer.com

Distributed by MCT Information Services


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Messenger-Inquirer (Owensboro, KY)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters