County faces more costs to meet USDA regulations on $1.2 million shop project
Posted 3/20/18 (Tue)
The longer the McIntosh County Commission looks at building a new machine shop in McIntosh County, the more expensive and complicated it seems to get.
In order to qualify for a United States Department of Agriculture low interest loan, there are stacks of paperwork and criteria to be met. Officials hope to bid the project in the spring and complete it this fall. That seems to be a tall order.
Interim financing would come through bonds. The bonds are necessary for a USDA loan. Essentially, bond holders assume the risk of default. The paperwork fees to create a bond are not insignificant, and could cost tens of thousands of dollars.
The project has grown in cost from $430,000 in 2010 to $1.2 million for an 80’ x 120’ metal structure in 2018. Voters rejected a 2 mil tax increase to pay for the building in 2010 by a 612 to 512 margin.