Codington Clark Electric Loans
Category: Codington Clark Electric, Business, Cooperatives
The Watertown Development Company was the recipient of a zero-interest $300,000 loan awarded by Codington Clark Electric to apply towards the spec building that has been constructed at Pheasant Ridge Industrial Park. The WDC Board was presented with the check during their regular board meeting held on Wednesday.
This is the first time the WDC has worked with Codington Clark Electric on a project. Executive Director for the WDC, Craig Atkins, said, “This loan represents a great opportunity for the WDC to access additional financing for this project. We appreciate the vision the Codington Clark Electric Board has demonstrated in this effort and look forward to working with them in the future.“ The Codington Clark Electric Board unanimously approved the funds before construction started, which was necessary to assist with the building costs and to help attract new or expanding business to Watertown. The project is expected to attract 75 new jobs to the community.
The zero-interest $300,000 dollar loan was provided to Codington Clark Electric through the USDA Rural Economic Development Loan and Grant (REDLG) program. The funds are to assist with local projects that will help retain and create jobs in rural areas and strengthen the rural economy. In the last five years, the REDLG program has helped create 25,000 rural jobs with the help of $200 million in economic development funding. In the same period, the program has helped establish or expand more than 900 business and community projects in rural areas.
The spec building is being offered to prospective companies with a lease-purchase option. Proceeds from the sale of the building will go to the WDC, which will in turn be used towards future economic development projects.