The Town of Monterey may take out a larger loan from Pulaski County.
Pulaski County Community Development Commission Executive Director Nathan Origer explained that the county agreed to loan the Town of Monterey $10,000 in order to provide matching funds for the proposed wastewater treatment facility project in Monterey. This was approved by Pulaski County government entities last year.
The cost of the project is $205,000, and the town needs $40,000 in matching money. The town board had allocated $20,000 in matching funds, but changes to the project and changes by the state bumped the match to $40,000. The county agreed to the loan of $10,000 to make up the shortfall, and The Nature Conservancy agreed to provide the other $10,000. It was the thought that the project would improve the quality of the river, so The Nature Conservancy offered the money.
Origer told the commissioners last week that The Nature Conservancy’s commitment has hit a snag.
“The Nature Conservancy was going to cover the other $10,000, but TNC is not able to commit that,” said Origer. “I have been asked to start the conversation to see if the county is again willing to provide support in the form of a loan, whether it’s zero interest or low interest, to the town. This year they’re asking for $20,000.”
The commissioners approved a motion to allow Origer to go before the Pulaski County Council to request a $20,000 loan so the Town of Monterey can obtain the Community Development Block Grant. If the grant is approved, the county will set up terms for repayment.