Barry pays off USDA water tower loan ahead of schedule
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By DAVID CAMPHOUSE
At its Monday, Dec. 6, meeting, Barry’s city council voted to pay off the USDA loan that financed the construction of the community’s industrial park water tower.
The repayment of the loan comes well ahead of schedule and will save money for Barry taxpayers, according to Barry City Administrator Jeff Hogge.
“We decided to pay off the $659,950 USDA loan,” Hogge said. “That’s going to save us a ton of interest on it. We weren’t even halfway through the term of the loan.”
Hogge indicated that the money to repay the USDA loan was drawn from money saved from the city’s TIF fund.
Barry’s council went on to approve the community’s motor fuel tax (MFT) resolution, which allots $90,000 for street and road improvements. Last year’s MFT street improvements were delayed, because the city only received one bid for the pavement work.
“We wanted to do some street work last year, but we held off,” Hogge said. “It got late in the year, and we only got one bid – and that bid came in high.”
The council went on to renew Barry’s general liability and workers’ compensation insurance.
Also approved at the Barry city council meeting, was the city’s willingness to receive the former Selby implement dealer – or Rennecker building – as a donation.
“We have somebody that’s going to buy the Rennecker building,” Hogge said. “They’re going to buy it and donate it to the city.”
According to Hogge, the sale and donation – which is yet to be finalized – will take place before year’s end.
“The purchase will need to take place by the end of the year for tax purposes,” Hogge said.