Clay County approves $600,000 REED loan to help build access road to proposed grain storage facility

The Clay County Board of Commissioners voted on March 11 to authorize borrowing $600,000 from Rural Electric Economic Development, Inc. (REED) to help complete road improvements needed for a proposed Southeast Farmers Elevator Coop. grain storage facility. The loan was approved by a 4–1 roll‑call vote (Resolution #2025‑10) after a lengthy debate over taxpayer risk, the potential to expand the county’s tax base, and the availability of alternative financing tools such as TIF.

Commissioner Geoffrey Gray‑Lobe pressed for detailed fiscal analysis and warned that the County should understand the long‑term repayment obligation; proponents, including Vice‑Chair David Thiesse and Chair Travis Mockler, argued the investment could stimulate economic development and local business activity. The commissioners authorized county officers to execute the required loan documents and set the preliminary terms discussed in public: the loan was expected to carry a 5% interest rate and a target to be paid off in five years, with signatures to follow on loan paperwork. The Commission also discussed how the loan would interact with a separate $600,000 agri‑business grant that the County had been awarded to support the underlying project.

The vote authorizes the County to borrow up to $600,000 subject to final loan terms and documentation and directed county staff to proceed with loan paperwork and public disclosures.