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Board to consider forgiving loan

October 18, 2012
The Leader Herald

FONDA- The Montgomery County Finance Committee will send a resolution to the Board of Supervisors to forgive the remainder of a loan to the Power Pallet Recycling Center.

John Thayer, Finance Committee chairman, said forgiving what is left, more than $300,000, would help Power Pallet pay for a project to expand their industrial capabilities.

In September, the Montgomery County Industrial Development Agency agreed to forgive the rest of the debt and turn the loan into a grant.

The Montgomery County Board of Supervisors must approve the measure at its monthly meeting Tuesday.

IDA Executive Director Ken Rose said in September that Power Pallet must hire eight additional employees and keep them on staff for six months and continue to make loan payments. After six months, whatever is left of the debt would be written off.



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