$2.57 million in tax abatement bonds proposed for broadband in Nobles County

The Worthington Globe reports…

After months of discussing funding options for Lismore Cooperative Telephone Company (LCTC) to cash-flow the construction of a multi-million dollar broadband project in Nobles County, commissioners on Tuesday authorized the issuance of $2.57 million in taxable general obligation tax abatement bonds.

Under state law, notification to owners of property included in the tax abatement project isn’t required. Property owners will not see any difference in their tax statements compared to those who don’t have property listed in the abatement.

Mark Loosbrock, representing LCTC, said the sale of the tax abatement bonds will “work in our cash flow very well.”

The resolution authorizing the bonds was approved on a 4-0 vote, with Commissioner Gene Metz abstaining because of his position on the board of LCTC.

The projected interest rate on the bonds is slightly less than 3 percent, said Nobles County Administrator Tom Johnson, and will be repaid over a 15-year period by LCTC.

This entry was posted in Community Networks, MN by Ann Treacy. Bookmark the permalink.

About Ann Treacy

Librarian who follows rural broadband in MN and good uses of new technology (blandinonbroadband.org), hosts a radio show on MN music (mostlyminnesota.com), supports people experiencing homelessness in Minnesota (elimstrongtowershelters.org) and helps with social justice issues through Women’s March MN.

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