Oshkosh gets loan for development projects
Wisconsin's Board of Commissioners of Public Lands approved a $711,300 loan to the city of Oshkosh for three local development projects, the board announced Tuesday.
The State Trust Fund Loan will help cover the costs of demolishing the long-dormant Buckstaff furniture factory on South Main Street, moving a noisy railroad loading zone along the residential Allerton Drive to a new location in the Southwest Industrial Park and installing electrical and natural gas lines in the industrial park.
RELATED: Oshkosh council hopes loan spurs development
Common councilors approved applying for the loan during their Feb. 9 meeting, but after finding out the city could get a lower interest rate, they rescinded their action Feb. 23 and reapplied for the loan, saving the city about $10,700 over the life of the 10-year loan.
The city previously applied for grant funding from the Wisconsin Economic Development Corp. to partly cover the cost of razing the Buckstaff property, as well as a Transportation Economic Assistance, or TEA, grant from the state Department of Transportation to help construct a rail spur in the Southwest Industrial Park.
During the council's Feb. 9 meeting, Community Development Director Allen Davis told councilors the city was waiting to hear back on the status of both grant applications and that the city hoped to hear back from WEDC within the next four to six weeks. As of Tuesday afternoon, the city had not received a determination from the state about either grant, Davis said.
"They've asked for more information, so that's always a good sign, but there's nothing that's been approved," he said.
Reach Nathaniel Shuda at 920-426-6632 or nshuda@thenorthwestern.com; on Twitter: @onwnshuda.