Last month, I wrote about progress on the Kandiyohi-CTC Border to Border funded fiber upgrades. CTC was holding meetings to talk about the upgrades in the impacted and nearby areas. This week the community took another big step in their project.
According to the West Central Tribune…
One more step was completed Tuesday as Kandiyohi County prepares to sell $5 million in tax abatement bonds to help fund the development of rural broadband.
The County Board of Commissioners approved a resolution Tuesday for property tax abatements totaling $5 million over 20 years. The move will have no impact on actual property taxes paid but is a requirement for the county to use tax abatement bonds as a financing mechanism.
Shelly Eldridge, senior municipal adviser with Ehlers, said it’s “the backup that supports the general obligation.”
This is the first time Kandiyohi County has sought this type of financing for an infrastructure project. Proceeds from the sale of the bonds will supply the local share of a $10 million broadband expansion in north central Kandiyohi County by Consolidated Telecommunications Co. of Brainerd.