HUMBOLDT — In what was basically a formality, Humboldt City Council members met Wednesday to file paperwork to formally apply for United States Department of Agriculture funding to renovate their new city hall building.
The Council is seeking a $200,000 loan from USDA, plus another $70,000 in grant monies to renovate the old Emprise Bank building at the intersection of Eighth and Bridge streets.
The funding avenues have been established for some time, and council members were expected to file their application at the Council’s April 12 meeting. However, they decided to act sooner after being notified by Charles Heath of USDA’s Rural Development office that the interest rate for the loan was about to go up.
By applying at a special meeting Wednesday, the city will pay off the USDA loan at 4 percent interest. The interest rate rose to 4.125 percent today, Heath said.
The action will save the city about $8,000 over the 30-year payoff period, Humboldt City Administrator Larry Tucker said.
Vada Aikins, Jerry Griffeth, Dan Julich, Otis Crawford and Sam Murrow were in attendance. All five voted to file the application. Don Walburn, Sean McReynolds and Jeremy Weilert were absent.
