By: Donovan W. Mann – [email protected]
Humboldt, IA – The City of Humboldt is reducing the amount of the loan to the Humboldt County Development Association.
As previously reported by KHBT the city and HCDA entered into a loan agreement in which the city loans the development association $642,500. The purpose of this loan was for the purchase of land.
During the meeting of the city council on Dec. 21 the motioned to rescind that loan agreement. City Administrator Travis Goedken informed the council that this was because when he and HCDA Director Alisa O’Connor were drafting the agreement they were so focused on the language of the agreement that didn’t consider the actual cost of purchase. The asking price for the land was at the $642,500 but the sale was actually for $ 573,000.
The Council approved the reduction of the loan as present to them.