City moves forward to pay off industrial park loan

The Cairo City Council and Grady County Board of Commissioners have been discussing the possibility of paying off a loan they obtained to purchase property from Hall Farms for the expansion of Milestone Industrial Park.
On Monday night, the city council took the first step by authorizing City Manager Chris Addleton to use Municipal Electric Authority of Georgia power credits from the Municipal Competitive Trust fund to pay the city’s share of the loan balance, which is estimated to be $645,915.49 plus any other interest due.
The original loan was for $2.4 million and since June 2007, the city and county have paid 10 quarterly payments with the city covering 60 percent of the debt and the county the remaining 40 percent.
Also being applied to the loan balance is $400,000 the Joint Development Authority was awarded through a OneGeorgia grant that was received last month.
County Administrator Rusty Moye estimates the county’s payoff to be $621,563 plus any other interest due, and he will present that recommendation to the board next week.
Councilman James H. (Jimmy) Douglas moved to pay off the note and Mayor Pro Tem Lannis Thornton seconded the motion, which passed unanimously.
“Great decision. Thank you,” Mayor Richard VanLandingham commented.