County buys land in industrial park with RDA loan
Published: November 19,2013
Tags: acquisition, economic development, Golden Triangle industrial Park, GTR Global Industrial Aerospace Park, industrial real estate, loan, Lowndes County, purchase, Ralph Billingsley, Rural Development Authority
COLUMBUS — Lowndes County will spend $5.5 million on three tracts of land at the GTR Global Industrial Aerospace Park.
County administrator Ralph Billingsley tells The Commercial Dispatch that the county is using money borrowed from the Rural Development Authority in 2011.
Billingsley says the county initially borrowed $13 million from the RDA to finance land purchases and infrastructural development west of Golden Triangle Regional Airport.
Billingsley says the county drew approximately $6.5 million upon first agreeing with RDA on a general obligation bond. The RDA has held on to the other half since then, with the exception of a $300,000 land purchase earlier this year, so the county didn’t have to pay interest on it.
Billingsley says the land already has water, sewer and power.
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