HOMER — The Banks County Commission will provide short-term funding for the county’s development authority.
The unanimous vote followed about 45 minutes in closed session with development authority members during Tuesday night’s county commission meeting.
Following the vote, Commission Chairman Jimmy Hooper explained the purpose of the $700,000 loan.
“The development authority is an arm of any local government,” Hooper said. “They are in a position right now that we’ve built Diana Foods, and as part of the economic development they needed to put in some roads. Right now, they’re a little short on money and need to put it in, and we’re going to give them a short-term loan.”
Commissioners said the development authority’s income and assets will secure the loan.
“They’ve got plenty of collateral with the property and the tipping fees that come in from the landfill,” Hooper said. “They’re just in a cashflow problem right now and will be for a while, but we’ve got a lot of other things in the works and it’s just the beginning of a lot of big improvements and projects in Banks County.”
Asked about the tipping fees derived from the county’s lined landfill on Bennett Road, where coal ash is being hauled in from out of state, Hooper said, “That’s from Waste Management. We have a landfill in Banks County and it’s been very busy in the last two years and it looks like it’s going to be very busy for the next couple of years.”
Hooper pointed to future development of the industrial park at Banks Crossing, as well as intersection improvements in that area as positives for Banks County, adding that one day the Martin Bridge Road (Exit 154) interchange one day will experience “explosive growth”.
http://accesswdun.com/article/2017/8/573220/banks-county-votes-to-loan-700000-to-development-authority