From power plant to park
Federated assists Fox Lake Conservation League
Federated Rural Electric assisted the Fox Lake Conservation League with a $200,000 revolving loan fund.
The FLCL bought 44 acres of land that was formerly the Alliant power plant on the south side of Fox Lake to develop the area into a park for the general public.
Federated and the League signed the 10-year loan paperwork on July 13 and the organization closed on the property July 19. As funds are repaid, they can be loaned to other organizations.
The Fox Lake Conservation League was formed in 1947 for the purpose of preservation of natural resources, fish, wildlife in Martin County.
“Our main goal with this purchase is to protect thousands of feet of shoreline from private development and ensure the property is open to the public,” said Jim Miller, treasurer of the Fox Lake Conservation League. “We have no solid plans, but anticipate a seasonal site campground, public boat access, handicap-available fishing pier, winter fishing access, walking paths and a pollinator plot are among ideas in the works. I estimate it will take two to three years before a final plan is in place and fundraising begins.”
Scott Reimer, Federated’s general manager, explained the loan.
“Federated initially applied for the zero-interest loan and then charges up to one-percent handling to the organizations,” he said. “As these organizations pay back their loans, this money goes into a revolving loan fund to assist other organizations for economic development or community facilities.”
The recipient also pays for the loan’s closing costs and one percent interest.
In the past four years, USDA Rural Development has invested nearly $2.9 million in REDLG funding to support community facilities and small business development and expansion in rural communities throughout Minnesota. Rural Development also invests in housing, water and wastewater treatment, community facilities, renewable energy and broadband.
Federated is a Touchstone Energy Cooperative serving 6,800 members in Jackson and Martin counties.
Very interesting.