CRYSTAL FALLS—The Iron County Board of Commissioners gave its approval for financing for the Iron County Medical Care Facility’s renovation and expansion project, calling a special meeting April 4 for the action.
The board received the financial proposal at its March 27 meeting, but held off approval until all commissioners could review it.
Additionally, County Board Chairman Wayne Wales expressed concerns with the terms of the 10-year loan, which he felt could lock a future County Board into a potentially high interest rate.
ICMCF attorney Steve Polich had presented an analysis of the bonding proposal at the March meeting, calling it a roadmap for financing, noting it had been carefully negotiated with Wells Fargo Bank, the lender.
ICMCF is looking to borrow $5.1 million at 3.1 percent interest the first 10 years.
A five-year pre-payment penalty was subsequently reduced to three years, Polich said.
He added that by renovating and remodeling the facility, more funds would be received to repay the debt.
This is real money, today, he said, and would lessen even more the risk to the county.
ICMCF will also refinance approximately $2.8 million in bonds from its previous Victorian Heights project, also through Wells Fargo.
In approving the financing, Wales said he hoped the project would move forward “while construction bids are good.”
The ICMCF board plans on a May bid-letting.
in other business:
--The board approved purchasing a software program called “Collect,” for the Circuit Court, which will assist in collecting court costs, fines and restitution owed the county.
The proposal was made by Clerk Joan Luhtanan, who told the board she believed it would help in the process of collecting fees by intercepting tax refunds and possibly garnishing wages of convicted felons who still owe the county money.
The total cost is $3,000 and would be divided by the three counties in the circuit.
--One election is scheduled for May 8, noted Luhtanen. Hematite Township is seeking a millage renewal.
--The board appointed Steve Gagne to the allocation board.
--An agreement with the Iron County Fair Association was approved.
--The county equalization report was accepted by the board.