Editor’s Note: This story was written by Chad Koenen of the Citizen’s Advocate community newspaper and appeared in the August 23, 2022, edition. The Citizen’s Advocate has given us permission to feature this abridged version. The full version is available through subscription at henningadvocate.com.
A new loan program in the City of Ottertail has its first recipient.
During its regularly scheduled meeting on Thursday night, the Ottertail City Council approved the first City Opportunity Fund loan. The request came from the Williams Company Store. The new loan program is an offshoot of a program unveiled by the City of Ottertail a few years ago that focused on commercial rehab projects.
The new loan program came to fruition after a private donation was made to West Central Initiative to assist with commercial rehab projects, new businesses relocating to town and an opportunity for nonprofit groups to receive a grant to better the community.
The new program will offer up to $5,000 in matching grants for business rehab projects, up to $10,000 for a new business to come to Ottertail if they construct a new building and a grant for non profits to better the community in Ottertail.
The Williams Company Store made a request for improvements to their exterior of their store/building that will replace the siding to the building. The cost of project is estimated to be $23,000, of which $5,000 will be eligible for a deferred loan.
The loan will be placed on the property as a lien, but no payments will be required on this loan unless the property is sold, transferred or otherwise conveyed, Should the conveyance occur within three years the total loan would be repaid. After three years the loan amount is reduced by 25 percent for each year until the seventh year in which the entire loan will be forgiven.
