Orange City And Rock Rapids Receiving Money From USDA To Spur Economic Development
Date posted - August 7, 2012
Rock Rapids and Orange City, Iowa — The United States Department of Agriculture, Rural Development, has allocated some money for two northwest Iowa towns. Money that it says will support job creation efforts, business development and strengthen economic growth in rural communities.
Funding is being provided through USDA’s Rural Economic Development Loan and Grant program (REDLG), which provides zero-interest loans to local utilities which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas.
Rock Rapids Municipal Utilities is being given a $300,000 grant. The funds will be used to provide grants to rural utilities program borrowers to provide economic development. This project provides support to Rock Rapids Municipal Utilities who will add $60,000 match to create a $360,000 revolving loan fund. The revolving loan fund will first make a loan to Rock Rapids Area Development Foundation which will construct a 15 to 20-thousand square foot spec building in Rock Rapids. This project is expected to create up to 20 jobs.
Rock Rapids Economic Development Director John Hulshof tells us about the building.
Hulshof says the exact location is not known, but the spec building will be in the same industrial park with Hog Slat, Incorporated and TNT Carports. He says it should be done by late summer 2013 if they can use existing infrastructure. If not, he says it may be late fall.
Hulshof says the area is zoned heavy industrial, so they do have some flexibility with what kind of business they hope to attract.
He says they’re also hoping to do some more due diligence and find out what kind of a facility is needed by today’s manufacturers.
Hulshof says as the loan is paid back, the funds go back into the revolving loan fund. This will be the second such building funded by a USDA funded revolving loan fund.
The USDA is also giving the Orange City Municipal Electric Utility a one million dollar loan. The funds will be used to provide loans to rural utilities program borrowers to provide economic development. The project will provide a loan to Tec Industries, LLC dba Quatro Composites to be used for the purchase of machinery and equipment. This project is expected to create 144 new jobs.
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